If you see, almost everyone has a bank account. The only difference is that some have a salary account and some have a savings account etc. When we open an account in any bank, we get other facilities like debit cards, checkbooks, internet banking, and mobile banking. Similarly, the account holder can also add a nominee to his bank account, so that if the account holder dies, then in that case there is a provision to give the money deposited in his account to the nominee. But now this rule has been changed, under which the account holder can add not one but four nominees. So let's know what is the way and why this change was needed. You can learn about this in the next slides...

What does the new rule say?

The Banking Laws (Amendment) Bill, 2024 was passed in the Lok Sabha on Tuesday. Under this, now an account holder can make four nominees instead of one in his bank account. Finance Minister Nirmala Sitharaman announced the introduction of this bill during the budget in July 2024. In such a situation, the government has simultaneously amended many provisions of the RBI Act 1934, Banking Regulation Act 1949, SBI Act 1955, and Banking Companies Act 1970-1980.

Why was it needed?

It is also important to understand here why the decision to add more than one nominee was needed. Actually, after the death of people during the Corona period, there were many people who were claiming the bank account of the deceased person. In such a situation, many types of legal disputes came before the banks. Due to this, the need to bring this decision was seen.

The account holder will decide how much money to whom

Where till now the account holder can add one nominee, then according to the new rule, you will be able to add four nominees to your bank account. Also, the account holder will be able to decide how much percentage of the deposit amount in the account he wants to give to which nominee.

How will you be able to add nominees?

If you also want more than one nominee in your bank account, then when you fill out the form for opening an account, you will get the option of filling four nominees there. In such a case, you can give the information of the nominee you want here. In such a case, after your death, the amount in your account will be given to the nominees you have chosen as per the rules.

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