By Admin 
New Bank Rule: November is going to start with a big change. A new rule related to bank accounts is going to come into effect from November 1, 2025, which has been approved by the Finance Ministry. Till now we could add only one nominee in our bank account, so that only he would be entitled to our deposits or locker after us. However, now under the new rule you will be able to add four nominees simultaneously.
This means that now you can make four people from your family or close ones the beneficiaries of your account or locker. This change has been made under the Banking Laws (Amendment) Act 2025, which was notified on 15 April 2025 and will come into effect across the country from 1 November. In such a situation, let us know how you can set 4 nominees on the money deposited in the bank.
What is the new rule?
Earlier, only one nominee could be added to a bank account, but now according to the new rules of the Finance Ministry, a bank account holder can add up to four nominees. You can decide which nominee will get what percentage of share. If you want, you can give equal share to everyone or give more to one and less to others. Nominees can be changed or canceled at any time. There will also be a facility of Successive Nominee, that is, if the first nominee is no more, then the second nominee will himself become entitled to it. At the same time, if you have a bank locker or safe deposit, then new rules will be applicable for that also. Here only successive nominees can be made i.e. the next nominee will be entitled only after the death of the first nominee. The account holder can choose up to four nominees and distribute their stake up to 100 percent.
How to set 4 nominees on the money deposited in the bank, complete process
1. Update your bank account information – First of all, check the basic information of your bank account. Like whether the name is correct or not, whether the mobile number and email are updated or not, whether Aadhaar and PAN are linked or not because the bank verifies this information before adding the nominee.
2. Go to bank branch or net banking – How to set 4 nominees on the money deposited in the bank: You have two methods. In which first go to the nearest branch of the bank and fill the Nomination Update Form and second, if your bank provides this facility, then you can add a new nominee by going to the Nominee section through net banking or mobile app.
3. Fill the complete information of the nominee – You will have to give information about the nominee. Like full name, date of birth, address, bank account number, share percentage. If four nominees are being added, then the percentage of share of each should be 100 percent in total.
4. Select the option of successive or simultaneous nomination – Now decide whether the nominees will be sequential or simultaneous. If you want all the nominees to get the share together, then choose Joint Nomination. If you want that one person should get the rights one after the other, then choose the option of Successive Nomination.
5. Submit the form to the bank and get confirmation – After filling the offline form, the bank officer will check your documents and enter them in the system. On updating online, you will get information through SMS or email.
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