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Information about the new system

New Delhi – An important information has come for bank customers. Now customers will be able to add four nominees to their bank account and also decide how much share each nominee will get and who will be given priority. This new rule will be effective from 1 November 2025. According to the Finance Ministry, this change has been made to make the process of claim settlement in the banking system simple and transparent. The ministry said that this provision has been brought under the Banking Laws (Amendment) Act, 2025, which was notified on April 15 this year.

Features of the New Testament

What does the New Testament say?
Customers will now be able to add up to four nominees for their bank account, safe custody items or locker.
* Customers will be able to decide what percentage of share will be given to which nominee.
* If the first nominee is not available, the next nominee will automatically take effect.
* Only sequential nomination facility will be available for safe custody and locker.
* If the customer wishes, he can add all four names together or one by one.

Government response

What did the government say?
The Finance Ministry said, “This new system will bring clarity in the process to settlement and succession. Customers can make four nominees and clearly decide their share, which will make the claim process faster and transparent.” The ministry also informed that new forms and procedures to making, canceling or changing a nominee under the “Banking Companies (Nomination) Rules, 2025” will be issued soon.

Benefits to customers

What will be the benefit to common customers?
* Possibility of delay and disputes in claim settlement will reduce.
* Transparent division will reduce family fights.
* Security and succession process of bank accounts, lockers and investments will be strengthened.
* It will be easy to add or change nominations in digital format.
* Transparency and accountability will increase in the banking system.

definition of nominee

What is a nominee?
A nominee is a person who is named in a bank account, investment or insurance so that the person can claim the amount or property in the event of the death of the account holder. However, the nominee acts only as a trustee—the real beneficiaries are the legal heirs. If the deceased has heirs, the amount is divided according to legal rights.