Big news for bank account holders! From November 1, 2025, a major change is coming in bank nomination rules, offering greater flexibility and security for your funds. Here’s what you need to know.
1. More Nominees, More Security
Earlier, bank customers could nominate only one person for their accounts or lockers. Now, the new rule allows you to nominate up to four individuals, ensuring smoother fund transfer in case of any eventuality.
2. Applicable Accounts & Lockers
This change applies to:
· Savings accounts
· Current accounts
· Fixed deposits
· Lockers
This ensures that both your money and valuables are protected and can be accessed by multiple trusted people.
3. How to Add Nominees
· Visit your bank branch or use the net banking/mobile banking portal.
· Fill out the nomination form, specifying details of up to four nominees.
· Ensure each nominee’s name, relation, and contact information is accurate.
· Submit the form to update your account or locker records.
4. Why This Change Matters
· Reduces conflicts: Multiple nominees prevent disputes among family members.
· Ease of access: Funds or valuables can be smoothly accessed by trusted individuals.
· Greater flexibility: You can divide your account or locker access among family or heirs.
5. Nomination Tips
· Choose trusted family members or legal heirs as nominees.
· Keep updated KYC documents ready for each nominee.
· Periodically review and update nominees as circumstances change.
6. Other Important Points
· Nomination does not give ownership of the account to the nominee during the account holder’s lifetime.
· Nominees can claim the funds only after the account holder’s death.
· You can also revoke or change nominees anytime as per bank procedures.
This new rule is a welcome relief for bank account holders, offering more security, flexibility, and peace of mind. From November 1, you can safeguard your funds and lockers by nominating up to four trusted people.
Disclaimer:
The views and opinions expressed in this article are those of the author and do not necessarily reflect the official policy or position of any agency, organization, employer, or company. All information provided is for general informational purposes only. While every effort has been made to ensure accuracy, we make no representations or warranties of any kind, express or implied, about the completeness, reliability, or suitability of the information contained herein. Readers are advised to verify facts and seek professional advice where necessary. Any reliance placed on such information is strictly at the reader’s own risk.
click and follow Indiaherald WhatsApp channel