Bank Nomination Blues? Now You Can Say “We 4” Instead of “Me 1”!
Until recently, bank nomination rules were like that one stubborn relative who refuses to adapt with the times. Only one nominee allowed for your savings or fixed deposit account – as if life only had one heir, and the rest of your family was just there for moral support!
Thankfully, a smart amendment has been proposed, and now, dear citizens, the banking system is stepping into the 21st century with a bit more generosity. You can now nominate up to 4 people for your bank accounts. Yes, char-log, not just ekla chalo re!
One Nominee to Rule Them All? Not Anymore!
Previously, the rule was simple – and simply frustrating:
One account = One nominee.
If that nominee predeceased the account holder?
Cue the family drama, legal petitions, and the classic Indian courtroom suspense.
Imagine this:
Mr. A nominates only his son for his ₹35 lakh FD. Mr. A sadly passes away. But surprise twist – the son had already gone to the great beyond. Now the bank is left scratching its head while the family starts scripting the next Netflix legal thriller. Assets get stuck, tempers flare, and everyone starts blaming each other – even the family dog isn’t spared.
The New Rule: Divide and Simplify (And Keep the Peace)
Under the proposed new rules, banks now allow you to name up to 4 nominees for a single account – and you get 2 nomination styles to choose from:
1. Joint Nomination
Like splitting the bill at dinner – but more important.
You can now assign a percentage share to each nominee.
Example:
Wife 50%, Son 30%, Daughter 20%.
If one nominee passes away, their portion gets recalculated among surviving nominees based on specified ratios.
No fights. No drama. Just maths. (And a little peace!)
2. Successive Nomination
Think of it as the relay race of inheritance.
If the first nominee is unavailable, the baton (aka your bank balance) passes to the second nominee. If the second is unavailable, it goes to the third.
Wife ➡ Son ➡ Daughter. Simple succession.
No confusion. Just handover, please.
A Case Study (So Real, It Hurts)
Let’s revisit Mr. A. (Yes, the same guy with one nominee and many problems.)
Under old rules, he named only his son.
Son died before Mr. A.
Mr. A passes.
Now, the bank says, “Sorry! We don’t know who to give the money to.”
Family says, “That’s our money!”
Bank says, “Go to court.”
And boom – the great Indian khoon ka rishta turns into kanooni ladai.
But under new rules?
Mr. A names his wife, son, and daughter.
Under successive nomination, wife gets everything.
If she’s not alive, the son gets it. If not him, the daughter.
Easy as a game of “musical chairs,” but with money.
Under joint nomination, Mr. A specifies:
Wife – 50%, Son – 25%, Daughter – 25%.
If one is no longer around, their share is split proportionately.
No fights. No confusion. Just family peace – and maybe a small thank-you to Mr. A from beyond.
But Why Stop at Banks? Let’s Fix the Whole System!
While this new rule is fantastic, there’s one problem:
Other financial assets – mutual funds, insurance, demat accounts – all have different nomination formats.
- Mutual Funds: 3 nominees
- Insurance: 3 nominees
- Demat: 3 nominees
- Bank (now): 4 nominees
Isn’t this like saying you need different passwords for each streaming service? (And we all know how annoying that is.)
Time to standardize nomination rules across all financial products.
Because when it comes to inheritance, clarity is king – and confusion is costly.
Moral of the Story?
Dear readers, if you haven’t updated your bank nominations since “Kyunki Saas Bhi Kabhi Bahu Thi” was on air, it’s time for a reality check.
Appoint up to 4 nominees.
Choose your style: joint or successive.
Save your heirs from the legal maze (and the emotional melodrama).
And most importantly – give your money the happy ending it deserves!
Because the only drama your family should be watching is on TV – not in courtrooms!
So go ahead, nominate wisely – and may your legacy be smooth, stress-free, and squabble-free!
