Multiple nominees make succession planning easier

IN CASE OF JOINT ACCOUNTS, ALL HOLDERS HAVE TO AGREE TO CHANGE IN NOMINEES

- SAIKAT NEOGI

FROM NOVEMBER 1, bank account holders can appoint up to four nominees for deposit accounts and safe-custody locker and specify the share for each. It will simplify the post-death asset transfer and reduce the risk of unclaimed funds.

The account holder has full discretion to add, change, or cancel nominations anytime. However, for joint accounts, all holders must agree to changes, ensuring transparency. The changes will be made in writing, acknowledged by the bank, and updated across linked accounts. This will help avoid future disputes and ensure that the nomination reflects the customer's current intent with clarity and control.