# You can now name four nominees for a bank account or locker

2026-08-27T02:02:28+00:00 | Governance | Indian Opinion Desk

Corroboration: 1 independent outlet

The Banking Laws (Amendment) Act, 2025, effective from 1 November 2025, now permits up to four nominees for a single bank account or locker. For savings and fixed deposits, account holders can choose simultaneous nomination, allocating specific percentages to up to four people, or successive nomination, where nominees are listed in order of priority. For lockers, only successive nomination is allowed because physical items like jewellery or documents cannot be divided. Despite this change, experts stress that a nomination is not a substitute for a will. The nomination ensures smooth access to bank assets after death, but a will determines how those assets are ultimately distributed. Under Section 45ZA(4) of the Banking Regulation Act, 1949, other claimants may still have legal rights against the nominee, making a comprehensive succession plan essential.

## Indian Opinion Analysis

The single-nominee cap was a stubborn legacy from an era when most Indians held one account and one locker per family. The amendment removes the old workaround of opening multiple accounts just to name different beneficiaries. Yet the gap between nomination and succession remains crucial: a nominee is a custodian, not an owner. The Hindu Succession Act, 1956, governs who inherits, and a will is the only way to override the default class-I heirs. Families should see nominations as a liquidity tool, ensuring the bank releases funds quickly, while a will settles contested claims. The RBI's 2025 circular on the amendment specifies the forms banks must accept, so account holders should ask their branch for the updated nomination form and then write or update their will parallelly.

## Coverage

- livemint.com <https://www.livemint.com/money/personal-finance/can-i-add-all-my-children-as-nominees-for-my-bank-accounts-and-locker-and-do-i-still-need-a-will-11787637691285.html>
  The Q&A format presents legal changes and expert advice without slant, framing the issue as a practical guide for readers.

This brief was synthesised by AI from the source linked above.

Tags: Banking Laws (Amendment) Act 2025, Banking Regulation Act 1949, Reserve Bank of India
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