Multiple nominees for bank accounts start November 1: what changes and how to update

You can nominate people simultaneously—all at once, with a set split. For example, spouse 50%, two children 25% each. You can also add successive nominees—if the first nominee dies before claiming, the next person in line becomes eligible. Successive nomination is a simple back-up that saves you from constant updates.

What about lockers

Lockers are different. Banks won’t allow simultaneous nominees for lockers because you can’t easily split physical items. You can, however, set successive nominees for lockers. If your first nominee can’t claim, the next one steps in.

How to update your nomination

Log in to your bank’s app/netbanking or visit the branch and file a fresh nomination form. Use full names, correct birth dates, and IDs exactly as per Aadhaar/PAN to avoid claim delays. Review nominations after big life events—marriage, a new child, or a death in the family. Keep a photo/scan of the form in your records.

A quick example Say Vicky nominates his wife at 50% and three children at 16.67% each. If his wife passes away before claiming, and Vicky had marked one child as a successive nominee to the wife’s 50%, that child now becomes eligible for that portion. Clear, written splits prevent confusion later.

Legal heir vs nominee—don’t mix them up

A nominee is a custodian who can receive money from the bank. The final right to the money still lies with the legal heirs under succession law. The cleanest move is to align nominees with legal heirs (and keep a will). That way, bank access and legal ownership point in the same direction.

Bottom line

This is a small rule change with big day-to-day impact. Add multiple nominees, assign clear percentages, and keep details updated. It costs nothing, saves your family stress, and stops your money from joining the “unclaimed deposits” pile.

FAQs

Can I set different nominees and splits for each FD or savings account?

Yes. Each account can have its own nominees and percentage splits. Review every account separately—don’t assume your savings account nomination applies to your FDs.

Do I need a will if I’ve added multiple nominees?

Yes. A nominee is only a receiver; legal ownership follows succession law or your will. Keep a simple will that matches your nominee splits so banks and heirs don’t clash later.

How do I change nominees after a family event?

File a fresh nomination through netbanking or at the branch—don’t rely on emails. Use exact names and IDs, take a photo/scan of the acknowledgement, and update your records the same day.