Multiple Nominees in Bank Account: Up to 4 Nominees, Simultaneous vs Successive, and How to Update

When Meena’s father died in 2024, his savings account named only her mother as nominee, and her mother had died two years earlier. What should have been a two-week claim turned into months of affidavits and a succession certificate. Since 1 November 2025, that gap can be closed. Under the Banking Laws (Amendment) Act, 2025, you can name up to four nominees for a bank deposit, either sharing it in fixed percentages or lined up one after another. This guide explains the multiple nominees rules for bank accounts, FDs and lockers, how to choose between the two types, and how to update your nomination.

Multiple nominees: what the law now allows

The Finance Ministry announced these provisions on 23 October 2025, saying sections 10 to 13 of the amending Act would come into force from 1 November 2025. Before this, most bank accounts allowed only one nominee.

Simultaneous vs successive: how they differ

Simultaneous nomination

All the nominees you name receive a part of the money at the same time, in the percentages you set. Suppose you have ₹10 lakh in FDs and name your spouse, two children and a parent:

The shares in this example are illustrative; you can pick any split that totals 100%.

What the Act says about simultaneous nominees

The amended Section 45ZA of the Banking Regulation Act sets four conditions for a simultaneous nomination. It cannot name more than four people. It must “explicitly state the proportion of amount of deposit in percentage in favour of each nominee”. It must cover the whole amount of the deposit. And if a nominee dies before receiving the money, “the nomination in respect of such nominee alone shall become ineffective”, and that portion is treated as if no nomination had been made.

Two practical results follow. First, if one of four simultaneous nominees dies before the claim, the other three still get their shares, but the dead nominee’s share does not move to them; it goes through the normal legal heir route. Second, a nomination that breaks the first three conditions, for example one where the shares add up to 90%, is invalid as a whole, as if no nomination had been made. So check the arithmetic on your form.

Successive nomination

You rank up to four people. Only the first-ranked living nominee receives the money. If nominee 1 has died, nominee 2 takes it, and so on. This is the setup that would have helped Meena’s family: mother first, then Meena.

For lockers and articles in safe custody, only successive nomination is allowed. It is not practical to split a locker’s contents by percentage.

Which one should you choose?

This is a general guide, not legal advice. Your will and family situation matter more than any table.

A nominee is not necessarily the owner

This is the most misunderstood point about nominations. A nominee is the person the bank pays, which lets the bank close the account quickly and gives it a legal discharge. Courts have held that a nominee may hold the money for the legal heirs, who are decided by your will or by succession law. If your will says something different from your nomination, the heirs can claim from the nominee. Our guide on nominee vs legal heir explains this in detail.

So the clean approach is simple: keep your will and your nominations consistent.

How to add or change nominees

1. Check what you have now. Your passbook, statement or net banking profile usually shows “Nomination registered” and the nominee’s name.
2. Get the form. Banks have new forms under the Nomination Rules for making, cancelling and varying nominations, including multiple nominees. Many banks also let you add nominees through net banking or the app; multiple nominees may need a branch visit while systems are updated.
3. Fill in each nominee’s details. Name, relationship, address, date of birth, and share percentage (simultaneous) or rank (successive). Aadhaar or other ID details are optional for some banks but make claims smoother.
4. For a minor nominee, name an adult who will receive the money on the child’s behalf until the child turns 18.
5. Sign and get an acknowledgement. The bank should give you a written or digital acknowledgement. Keep it.
6. Do each account and FD. Some banks apply nomination to each account or deposit separately. Ask whether one form covers all your FDs.

Joint accounts and nominations

In a joint account, the survivor usually gets the money first, depending on the operating mode, such as “either or survivor”. Nominees come into the picture only after all account holders have died. Our explainer on joint account modes covers how each mode works. All joint holders usually need to sign a nomination or a change to it.

Lockers: why the rank order matters

With successive nomination on a locker, the bank lets the first living nominee access and remove the contents after the hirer’s death, following its procedure: an inventory is usually prepared in the presence of witnesses. If the locker is jointly hired, the surviving hirer usually keeps access. Read our bank locker rules guide for the inventory and agreement side.

What a nominee needs to claim

Under RBI’s rules for settling claims of deceased depositors, banks must follow a simplified process where a valid nominee exists. Typically you will need:

• The claim form of the bank
• Death certificate of the account holder
• KYC documents of the nominee
• Passbook, FD receipts or locker key, where relevant

Without a nominee or survivor, banks usually ask for more: legal heir certificates, indemnities, or a succession certificate for larger amounts. That is the difference a nomination makes. Our article on unclaimed deposits shows what happens when nobody claims at all.

Other nominations to check while you are at it

The new bank rules cover deposits, safe custody articles and lockers with banks. Your other money has its own nomination, made separately:

A one-afternoon review of all of these saves your family weeks of paperwork later. Our PPF rules guide covers PPF nomination and closure on death.

Real-life examples

A couple in their sixties. Each has a savings account and FDs in their own name. A sensible setup is successive nomination: spouse first, then the two children. If the spouse has died, the first child receives the money, with the second as a further backup.

A single parent with two minor children. Simultaneous nomination at 50% each, with a trusted adult named to receive the money on each child’s behalf until they turn 18.

A locker held by one person. Successive nomination, with the person who knows the locker’s contents ranked first. Keep a simple list of what is in the locker, dated and signed, at home.

These are examples, not recommendations for your case.

Common mistakes to avoid

• Naming a nominee who has already died, and never updating it.
• Choosing simultaneous nomination with shares that do not add up to 100%, which can make the whole nomination invalid.
• Naming someone for a locker but not telling them the locker exists or where the key is.
• Assuming one nomination covers your PPF, mutual funds and demat account. Each has its own nomination.
• Keeping a will that contradicts your nominations without explaining why.

Quick checklist

• List every account, FD, RD and locker you hold.
• Check the nomination status on each.
• Decide simultaneous or successive for deposits.
• For simultaneous, set shares that total 100%.
• Update forms, collect acknowledgements, and tell your nominees.
• Review every few years, and after marriage, divorce, a birth or a death.

Fifteen minutes at the branch now can spare your family months of paperwork later.

FAQs

How many nominees can I add to a bank account?

Up to four, from 1 November 2025.

Can I give different percentages to different nominees?

Yes, with simultaneous nomination for deposits. The shares must total 100%.

Can I have multiple nominees for a locker?

Yes, up to four, but only as successive nominees in a ranked order.

Does my old single nomination still work?

Yes. Existing valid nominations continue. You can change them if you want to add more nominees.

Is nomination compulsory?

No, but banks encourage it, and it makes claims far easier for your family.

Takeaway: The multiple nominees rules let you name up to four people for deposits, either sharing the money or as backups, and up to four ranked nominees for lockers. Update every account, keep your will consistent, and tell your nominees.