FD Nomination Rules (Up to 4 Nominees)
New rules from 1 November 2025 allow up to four nominees for bank deposits — simultaneous or successive nomination, how to add or change nominees.
Updated 30 September 2026 · 25 banks trackedWhat you need to know
Under the Banking Laws (Amendment) Act, 2025, whose nomination provisions took effect on 1 November 2025, depositors can name up to four nominees for a deposit account. Nomination can be simultaneous (each nominee gets a specified share) or successive (the next nominee gets the money only if the one above is not alive). A nominee receives the money as a trustee; legal heirs under a will or succession law can still claim it from the nominee.
Simultaneous vs successive nomination
| Simultaneous | Successive | |
|---|---|---|
| How it works | Shares are split among all nominees in the percentages you set (total 100%) | Nominees are ranked; the first surviving one gets the whole amount |
| Best for | Dividing money among family members | Making sure there is always a backup |
| Applies to | Deposit accounts | Deposit accounts, lockers and safe custody |
How to add or change a nominee
- OnlineNet banking → Deposits → Manage nominee (most banks).
- At branchSubmit the nomination form (DA-1 to add; DA-2 to cancel; DA-3 to change) with nominee details.
- Keep recordsNote the acknowledgement; the nomination is shown on the FD advice.
Why nomination matters
- Without a nominee, heirs may need a succession certificate or legal documents to claim.
- The bank settles claims to nominees faster (RBI has fixed timelines for deceased-depositor claims).
- Minors can be nominees; you can name a person to receive the money on their behalf.
Frequently asked questions
How many nominees can I add to an FD?
Up to four, from 1 November 2025.
Does the nominee become the owner?
Not automatically — the nominee receives the money as a trustee for legal heirs.
Information is for education and comparison. Rates and rules change — confirm with your bank and a tax adviser before investing. FinancePortal is not a financial or tax adviser.