Starting from 1st November 2025, you will be able to add maximum of 4 nominees to your bank account, locker, or safe custody items.
Now you can decide how much share each person will get.
Example:
If you nominate 4 people:
- Nominee A: 25%
- Nominee B: 25%
- Nominee C: 25%
- Nominee D: 25%
The total share must always add up to 100%.
Main Objective of This New Rule
The government has brought this rule under the Banking Laws (Amendment) Act, 2025. The main objective are:
- To make claim settlements faster and simpler after an account holder’s death.
- Ensure clarity and transparency about who gets what share.
- Standardise rules across all banks (earlier, each bank had slightly different rules).
Types of Nominations
Simultaneous nomination
All nominees are valid together. If something happens to account holder, all nominees can claim their share at the same time based on the percentages you set.
Example:
If you nominate your spouse (55%) and two children (45% each). After your death, the bank will divide the funds accordingly between them.
Successive nomination:
Nominees come into effect one after another (in order).
If the first nominee passes away then the second nominee becomes eligible.
Example:
- You name your spouse first, and your child as the second nominee.
- If your spouse passes away before claiming, your child automatically becomes the next nominee.
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