Bank nomination rules amended to align with will, avoid disputes

For deposits, nominee shares should mirror the division in the will; for lockers, the order should match the will

Beginning November 1, bank customers will be able to name up to four nominees for their accounts and lockers as key provisions of the Banking Laws (Amendment) Act, 2025, take effect. Experts explain how bank customers should structure their nominations depending on their family situation, and ensure they are aligned with their will.

 

What has changed 

At present, banks allow only one nominee for savings accounts and deposits, regardless of the mode of operation.

 

“For safe deposit lockers, one nominee is allowed if it is operated solely, and more than one if jointly operated with the signatures of both,” says