Saralnama4 nominees can be added to bank accounts. The Finance Ministry announced this change, aiming to simplify banking claims and inheritance processes. Account holders can decide the share and priority for each nominee. For safe custody and lockers, only successive nominations will be allowed. Banks must settle claims within 15 days of a customer's death or pay compensation to nominees. The Supreme Court has asked the government and RBI to respond to a petition requesting a centralized digital platform for unclaimed assets. Currently, ₹3.5 lakh crore in unclaimed funds exist across banks and mutual funds. (Updated 23 Oct 2025, 23:38 IST; source: link)
Key Points
- 4 nominees can be added to bank accounts from 1 Nov 2025
- The Finance Ministry announced this change on 23 Oct, aiming to simplify banking claims and inheritance processes
- Account holders can decide the share and priority for each nominee