New Delhi: The nomination rules of banks will change from November 1, and more than 1 nominee can be made for bank accounts and lockers, the Union Finance Department has said.
Instead of one nominee for 1 bank account or lockers till now, four nominees will be allowed. Through this, claim settlements will be more direct and easy. Account holders can choose 4 nominees at the time of deposit. After the death of the depositor, the account holders will be the heirs of the account holder's money according to the serial number.
Due to this, the specified financial portion will be transferred directly to those nominees without any confusion. The Banking Laws (Amendment) Act-2025 will come into force from November 1, the Union Finance Department has said.