Chandigarh— In a major policy change for bank account holders, the government has announced that individuals can now add up to four nominees to their bank accounts, lockers, or safe custody holdings.
Until now, only one nominee could be added per account. However, under the new provisions of the Banking Laws (Amendment) Act, 2025, which comes into effect on November 1, 2025, customers will be allowed to register multiple nominees.
According to the new rule, customers can either nominate all four people simultaneously or choose them sequentially. This means if the first nominee is no longer alive, the rights will automatically pass to the second nominee.
Customers will also have the option to specify the percentage of share for each nominee — for example, 40%, 30%, 20%, and 10% — ensuring a total of 100%. This aims to prevent any disputes in the future.
For lockers and safe custody, however, only sequential nomination will be allowed, meaning the second nominee will receive rights only after the death of the first.
The Finance Ministry stated that this reform aims to:
- Bring uniformity and transparency across the banking system,
- Ensure faster claim settlements, and
- Clearly define inheritance rights for customers.
With this change, customers will have greater flexibility in deciding who will inherit their deposits or valuables, making the nomination process more transparent, secure, and efficient.
