Changes in Bank Nominee Rules: Now Bank Account Holders can Add 4 Nominees Instead of One
Bank lockers are considered a safe place to keep money and jewellery. But did you know that now bank account holders can add four nominees instead of one. This will go a long way in reducing disputes over money inheritance. We are telling you that this change has come after the Banking Act Bill was passed in the Rajya Sabha.
Changes in Bank Nominee Rules
Earlier, account holders could add only one nominee who would be entitled to receive money from their bank account after their death. But now under the new rules, up to four nominees can be nominated. This will make it easier for the account holder to distribute the money as per his/her wishes.
For example, the account holder can nominate parents and children in addition to his/her spouse and he/she can also decide who gets how much money. In this change, two types of nomination process have been added. It is a simultaneous and efficient one. With the help of this, the money can be distributed properly after the death of the account holder.
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