Now facility to add 4 nominees in bank account, know the new rules and procedure. Money Live

Big changes are coming in banking! Now customers can add not one but four nominees to their bank account. This new facility will come into effect from 1 November 2025. Customers will be able to decide who among the four nominees will get how much share and who will be given priority. That is, if the first nominee is not able to claim, then the second, third and fourth nominees will be able to claim respectively. This has been called the Successive Nominee System. Earlier, only one nominee was allowed, which often gave rise to account claims and family disputes. Now having four nominees and clear stake, the succession process will be easy, transparent and dispute free. Customers can divide their deposits in fixed percentage, like 25-25% share to wife, son, daughter and mother. There will be no legal case or complication if four nominees are already registered with the bank, and the bank can directly transfer the amount or locker items to the nominee by looking at the records. Guidelines for the form and process for adding, changing or canceling nomination will be issued soon. This change is an important step for both family security and banking transparency.