The government has made it easier to manage nominations for bank lockers and accounts.
A new rule came into effect on April 16, 2025, allowing you to nominate up to four people instead of just one for your bank account or locker.
This change makes the process more flexible and ensures your money or valuables reach the right hands.
Two Types of Nomination Options
Simultaneous Nomination
In this method, all four nominees receive their share at the same time, as per the percentages you decide.
For example, if you nominate A, B, C, and D and assign 40%, 30%, 20%, and 10% respectively, the amount or items will be distributed accordingly after your death.
Successive Nomination
In this option, the first nominee gets everything.
If they are no longer alive or refuse, the second nominee becomes eligible, and so on with the third and fourth.
This method is especially used for bank lockers or items in the bank’s safe custody.
Why Is Nomination Important?
If you haven’t made a nomination and someone claims the money or items after your death, they will need to go through a legal process.
This includes submitting documents like a will or succession certificate, which can be time-consuming and difficult.
What Happens to Forgotten Money?
If a bank account has no activity for 10 years, the money is transferred to the RBI’s DEA Fund.
Don’t worry — you can still claim it by contacting your bank.
If you’ve invested in bonds and haven’t withdrawn your money or interest for 7 years, it gets transferred to the IEPF (Investor Education and Protection Fund).
The same applies to unclaimed dividends that are left untouched for 7 years.
That’s why it’s wise to nominate someone now, so your family won’t face issues claiming your money or belongings later.
