Account Nominee Rule: There will be no dispute in the family regarding the money deposited in the bank, this rule will change from November 1..

The Finance Ministry made a major announcement on Thursday. Bank customers will now be able to add not just one, but four nominees to their accounts. This feature will be implemented next month, in November 2025. This move aims to simplify and streamline the nomination process across the banking system, ensuring smooth claim settlements. These new nomination rules, under the Banking Laws (Amendment) Act, 2025, will come into effect on November 1, 2025.

In fact, many account holders do not change the nominee's name even after the death of the nominee. If the account holder dies, family members face significant difficulties in receiving the funds deposited in the account. This requires completing numerous paperwork, which can take anywhere from a few days to months, or even more than a year. This four-nominee rule will prevent such disputes.

How will the four-nominee rule work?

Bank customers can now nominate up to four people simultaneously or in turn. This will simplify the claim settlement process for depositors and their nominees. Depositors can choose to nominate up to four people, either simultaneously or in turn, as per their preference. However, only rotational nominations will be permitted for safe custody items and lockers.

This will ensure that the next nominee will become active only upon the death of the first nominee. If a bank customer dies for any reason, the amount deposited in the bank will be transferred to the active nominee. This will ensure continuity in claim settlement and clarity of succession.

Locker Rules
Nomination rules will also change for safe custody and lockers. In these cases, customers can also nominate up to four nominees. However, banks will only allow successive nominations. The next nominee will only become active if the nominee above him (whose number is first) is no longer alive.

Everyone will receive equal property.
This new law will prove to be very beneficial for customers. They will no longer have to worry about their property. If a depositor dies, their chosen nominee will easily receive the money or property. This process used to be quite complicated, but now it has been simplified. This is a huge relief, especially for those with multiple family members. They can now arrange to divide their property equally among all members. This will ensure that no one is treated unfairly.

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