Скачать или смотреть New Bank Nomination Rules 2025 | Successive vs Simultaneous Explained

The Parliament has passed the Banking Laws (Amendment) Act, bringing a major change in the nominee system for bank accounts.

Earlier, only one nominee could be appointed. But now, under the amended law, you can appoint up to four nominees!

Not just that, nominations can now be made in two ways:
Successive Nomination: Priority-based payout in case of death.
Simultaneous Nomination: Equal rights to all nominees.
This new rule applies to both single and joint account holders, making the nomination process more flexible and fair.

But note: For other purposes like insurance or investment, nomination can still only be successive.

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