New Delhi, Oct. 24 -- With effect from 1 November, depositors may nominate up to four persons as nominees of their bank account, per the Banking Laws (Amendment) Act, 2025.

One can now even specify share for each nominee, ensuring that the total equals 100 percent, the rules further specify.

There is a provision of successive nominee also which means the second nominee would become operative only upon the death of first nominee. The new provisions will come into force from 1 November are meant to promote customer convenience through improved nomination facilities.

Let us understand what these new rules entail:

Earlier, one could keep just one nominee which perhaps was a reason for confusions and disputes among legal heirs. In fact, no...