New Bank Rule: November is going to begin with a major change. A new rule related to bank accounts, approved by the Finance Ministry, will come into effect from November 1, 2025. Until now, we could only add one nominee to our bank account, allowing them to inherit our deposits or locker after us. However, under the new rule, you can now add four nominees at once.

This means you can now designate four members of your family or close friends as beneficiaries of your account or locker. This change has been made under the Banking Laws (Amendment) Act 2025, which was notified on April 15, 2025, and will come into effect nationwide from November 1. So, let's learn how to set up four nominees for your bank deposits.

What is the new rule?

Previously, only one nominee could be added to a bank account, but now, according to the Finance Ministry's new rules, bank account holders can add up to four nominees. You can decide what percentage of each nominee's share is allocated. You can choose to give equal shares to each nominee, or give one a larger share and the others a smaller share. Nominees can be changed or canceled at any time. Successive nominees are also available, meaning that if the first nominee passes away, the second nominee will automatically become the rightful heir. If you have a bank locker or safe deposit, the new rules will apply to those as well. Only successive nominees can be made here, meaning the next nominee will be entitled only upon the death of the first nominee. The account holder can choose up to four nominees and divide their share up to 100 percent.

The complete process for setting up four nominees for your bank deposit

1. Update your bank account information - First, check the basic details of your bank account. Such as whether the name is correct, whether the mobile number and email address are updated, and whether the Aadhaar and PAN are linked. The bank verifies this information before adding a nominee.

2. Visit a bank branch or net banking - You have two ways to set up four nominees for your bank deposit. First, visit the nearest bank branch and fill out the Nomination Update Form. Second, if your bank offers this feature, you can add a new nominee by going to the Nominee section of your net banking or mobile app.

3. Fill in the complete nominee information - You will need to provide the nominee's details. Such as full name, date of birth, address, bank account number, and share percentage. If you are adding four nominees, the percentage share of each should total 100 percent.

4. Select Successive or Simultaneous Nomination Option - Now decide whether the nominees will be consecutive or simultaneous. If you want all nominees to receive their share simultaneously, choose Joint Nomination. If you want the rights to be passed on one by one, choose Successive Nomination.

5. Submit the form to the bank and receive confirmation - After filling out the form offline, a bank official will verify your documents and enter them into the system. You will receive an SMS or email notification upon updating online.