Bank Nomination Rules: A Bank locker is considered a safe place to keep money and jewelry. But do you know that now bank account holders can add four nominees instead of one? Due to this, it will be very helpful in reducing disputes regarding the succession of money. Let us tell you that this change has come after the Banking Law Bill was passed in the Rajya Sabha.

Change in nomination rules

Earlier, the account holder could add only one nominee, who was entitled to get money from his bank account after his death. But now under this new rule, up to four nominees can be nominated. This will make it easier for the account holder to divide the money as per his wish.

To give you an example, the account holder can make his parents and children as nominees apart from his wife and he can also decide who will get how much money. Two types of nomination process have been added in this change. One of these is simultaneous and the other is successful. With this, the distribution of money after the death of the account holder can be done in a better way.

Details of both nomination processes

In Simultaneous Nomination, the account holder can tell how his deposit amount will be divided among the nominees. For example, if someone has Rs 10 lakh in his account and three nominees, then they can divide it in a 40:30:30 ratio.

This means that the first nominee will get Rs 4 lakh and the second and third will get Rs 3 lakh each. The second is Successive Nomination, in this, the account holder's money is given as per priority. This means that if the first nominee is not available, the money will go to the second nominee.

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