Can I add all my children as nominees for my bank accounts and locker, and do I still need a will?
The Banking Laws (Amendment) Act, 2025, which came into effect on November 1, 2025, now allows multiple nominees for bank accounts and lockers, addressing the previous single-nominee limitation. Despite this, experts still recommend having a will to ensure comprehensive asset distribution.
What this means
The amendment simplifies succession for account holders and reduces potential disputes among heirs for banking assets. However, a will remains crucial for managing overall estate planning, including non-banking assets and specific distribution instructions beyond nomination.
Most affected: Retail Banking, Legal & Compliance
Key takeaway: Update customer communication on nomination rules, advising clients on the benefits of multiple nominees while clarifying the complementary role of a comprehensive will.
Get stories like this in your inbox every morning
Free daily brief — rates, RBI updates and the banking stories that matter, in 3 minutes.
More in this briefing
- Public sector banks more efficient than private sector banks, says EAC-PM paper
- Shifting Gears: PSBs borrow more to cater to credit demand as deposits lag
- US Fed rate hike bets rise after inflation edges up to 3.7%, higher than expectations
- India adds 1.26 million credit cards in July as spending rises; HDFC, SBI lead the way
- UPI transactions in value terms witnesses more than 4,000 fold jump over the decade