Bank Nomination Rules: Apart from his wife, the account holder can also make his parents and children as nominees 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 successive.
Bank Nomination Rules: 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 help a lot in reducing the disputes regarding the inheritance 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 wife, parents and children as nominees and he can also decide who will get how much money. Two types of nomination processes have been added in this change. One of these is simultaneous and successful. This will enable better distribution of money after the death of the account holder.
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 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 successful nomination, in this the account holder’s money is given as per priority. This means that if the first nominee is not available then the money will be given to the second nominee.
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