Now you can add 4 nominees in bank account:This will make claim settlement easier, new rule will be effective from 01 November

Bank customers can now add four nominees to their account and can also decide how much share each will get and who will be given priority first. Customers can add names one by one or all four names together according to their convenience. The government has introduced this system for uniform and easy settlement of claims in the banking system. For items kept in safe custody and safety lockers, only successive nomination i.e. permission to nominate names one after another will be allowed. Today i.e. Thursday (October 23), the Finance Ministry informed that the main rules related to nomination of Banking Laws (Amendment) Act, 2025 will come into effect from November 1. This act was notified on April 15, 2025. Government says – This will bring clarity in settlement and succession The ministry said, ‘Customers can make four nominees and decide the share or percentage of each nominee. This will ensure transparent distribution among all nominees. People who keep deposits, items in safe custody or lockers can make four nominees. If the primary nominee is not there, the next nominee will work. This will provide clarity in settlement and succession. The Banking Companies (Nomination) Rules 2025, coming into effect next month, will soon issue processes and forms for creating, canceling or setting multiple nominations. Two types of nominations for deposit accounts Major changes in Banking Laws Amendment Act What will common people get from these changes?