Nomination tells the bank who should receive your deposits if something happens to you. Without it, your family may face a long legal process to claim the money.
Key takeaways
- Nomination is available on savings accounts, FDs, RDs and lockers.
- From 1 November 2025, the Banking Laws (Amendment) Act, 2025 allows up to four nominees for deposits — simultaneous (with percentage shares) or successive.
- The nominee receives the money as a trustee for legal heirs if a will or succession law says otherwise.
- Update nominations after marriage, births or deaths.
Types of nomination for deposits
| Type | How it works |
|---|---|
| Simultaneous | Up to 4 nominees share in fixed percentages |
| Successive | Nominees in order — next one gets it only if the earlier one has died |
| Lockers | Successive nomination only |
How to add or change a nominee
- Net banking / mobile banking → Service requests → Nomination, or
- Submit the nomination form at the branch.
- Provide nominee name, relationship, date of birth, address (guardian if minor).
- Keep the acknowledgement; many banks print the nominee name on passbooks.
What the family needs to claim
- Death certificate
- Claim form
- Nominee's KYC
- Passbook / FD receipts
With a nominee, banks settle claims quickly without succession certificates.
Common mistakes
- Leaving joint accounts without nomination (survivorship may not cover every case).
- Minor nominee without a guardian.
- Outdated nominee after life events.
Your action checklist
- Keep contact details and KYC updated with your bank.
- Add nominees to every account and deposit.
- Use online NEFT/RTGS/IMPS/UPI and verify the beneficiary name before paying.
- Never share OTP, PIN or CVV — banks do not ask for them.
- Review charges in your statement and switch accounts if fees are high.
FAQs
Does nomination replace a will?
No. The nominee receives the funds, but legal heirs per the will or law are the owners.
Can I add nominees to existing FDs?
Yes, through a nomination request for each deposit or account.
