Bank Account Nominee New System: New rules will be applicable in bank accounts from November 1. Now the customer will be able to have not just one but 4 nominees in his account and can decide the share of each nominee himself. This facility will be applicable on savings, fixed deposits and current accounts.
Bank Account Nominee New Rule: There is big news for bank account holders. The rules related to nomination of bank accounts are going to change completely from November 1, 2025. Now every customer will be able to add not one, but four nominees to his account. Meaning, now you will be able to decide for yourself who will get your deposit or locker items after you leave and how much will they get. According to the Finance Ministry, this change has been made under the Banking Law (Amendment) 2025 and all banks have been instructed to be ready for it. Know what is the new rule and how will you benefit from it…
What is the new system of bank account nominee?
Till now only one nominee could be added to bank accounts. But now the bank has increased this limit. Under the new rules, you can add one, two, three or four nominees to your bank account. You can decide the share of each nominee yourself, like 25%, 40%, 10% or others. If you want, you can divide the share equally among everyone. The biggest thing is that you can change or remove any nominee at any time. If you want, you can also make a successive nominee, that is, if the first nominee is no more, then the second one will get the right, after that the third-fourth one will get the right. Apart from bank accounts, this change will also be applicable to savings, fixed deposits and current accounts.
How many nominees can one have if there is a bank locker?
If you have a bank locker, the rules are slightly different for that also. Not four nominees can be made simultaneously in the locker or safe custody, but only the successive nominees. That is, if the first nominee is not there then the second one will automatically come. This will make the process of claim on jewellery, documents and valuables easier and faster.
What benefit will you get from the new bank nominee rule?
The new system will provide great relief in banking claims and distribution of money. Earlier, having just one name would lead to disputes or court cases in the family. Now this will not happen, because the share of each member will be fixed in advance. For example, suppose you have Rs 10 lakh in your account and you have made four nominees: wife, son, daughter and mother. Now if you want, you can give 25-25% or more or less share in all. This will leave no scope for any kind of problem or dispute in the family.
Which tasks will become easier by changing the rules of bank nominee?
- Now you will not have to wait long to make a bank claim.
- The legal process for transferring money will be easy.
- After checking the bank records, the amount or locker items can be given directly to the nominee.
- The family will not have to make rounds of court or certificates.
- Both transparency and trust in the banking system will increase.
How to add four nominees to a bank account?
On opening a new account
- While opening a new account, fill the nominee details directly in the account form.
- Enter the name, date of birth, relationship and address of the nominee.
Offline way to add nominee in old account
- Visit your bank branch and take nomination form DA-1.
- Fill out the form, sign it and submit it.
- The bank will give an acknowledgment slip in return.
Online way to add nominee in old bank account
- Login to net banking or mobile app.
- Go to the Services section, click on My Account and select Update Nominee Details.
- After filling the nominee details, verify with OTP and submit.
- If confirmed, you will be informed through message and mail.
Keep these important things in mind while adding nominee to your bank account
- The identity of every nominee should be clear and valid (Aadhaar, PAN etc.).
- Do not make any mistake in the details of the nominee, otherwise there will be problem in the claim.
- If the nominee is already registered, then also check whether the data is updated or not.
- Only the account holder will have the right to change the nomination.
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