New Nomination Rules for Bank Accounts & Lockers (Effective 1 Nov 2025)

 

The Government of India has introduced updated rules for nominations in bank accounts, safe-custody articles and lockers. These changes aim to make inheritance smoother, faster and more transparent for your family.

1. What’s New?

✅ Up to 4 nominees allowed

You can now nominate up to four people instead of just one.

✅ Two ways to nominate

• Simultaneous nomination – You choose multiple nominees and assign percentage shares.
• Successive nomination – You list nominees in order of priority (Nominee 2 gets rights only if Nominee 1 is not available).

✅ Digital / Online nomination

Banks can now offer e-nomination through mobile or internet banking with secure authentication.

✅ Covers more than just deposits

Rules apply to:

• Bank deposit accounts
• Safe-custody articles
• Bank lockers

✅ Minor nominees allowed

If your nominee is a minor, you can appoint an adult to receive assets on their behalf.

2. What You Should Do Now

Here’s your quick action plan:

✔ Review your existing nominations

Many people either don’t have a nominee or have outdated details.

✔ Decide if you want multiple nominees

Distribute percentage shares if using simultaneous nomination.

✔ Use digital nomination if available

It’s faster, safer and avoids paperwork.

✔ Update contact details with your bank

You will get alerts whenever a nomination is added or changed.

✔ Ensure consistency with your will/estate plan

Nominations should match your overall intention for asset distribution.

3. Why This Matters

• Avoids delays and paperwork for your family
• Makes claim settlement smooth and quick
• Helps prevent disputes among legal heirs
• Gives you more control and flexibility

4. Quick Checklist

• Do I have a nomination on all my bank accounts and lockers?
• Should I add more nominees or change the shares?
• Is my nominee still the right person?
• Have I updated my nomination details online or at the branch?

Disclaimer:

The above information/amendment/provision is to be used for ready reference only and not to be construed as legal advice.