Bank Locker New Rule: Important news for bank locker holders, the government has made a big change in the rules
Bank Locker New Rule: Bank locker in the country is still considered a safe place for money and jewelry. Let us tell you that a big change has been made in the rules of bank locker. This change has come after the Banking Law Bill was passed in the Rajya Sabha... To know the complete information related to this update, read this news completely-
News, Digital Desk- ( Bank Nomination Rules) Bank locker is still considered a safe place for money and jewelry. As part of an important change, let us tell you that now bank account holders can add four nominees instead of one.
This will help a lot in reducing disputes related to inheritance of money. This change has come after the Banking Law Bill was passed in the Rajya Sabha, which will make the process even more smooth and dispute-free for locker holders.
Changes in nomination rules-
Earlier, bank account holders could add only one nominee, who would be entitled to receive money from the account after their death.
However, under the new rule, up to four nominees can now be nominated. This will allow account holders to easily divide the money as per their wish, bringing convenience and flexibility in distribution.
To give you an example, the account holder can make his wife, parents and children as nominees and he can also decide who will get how much money.
Two types of nomination process have been added in this change. One of these is Simultaneous and Successive. This will enable better distribution of money after the death of the account holder.
Details of both nomination processes-
Under Simultaneous Nomination, the account holder can make multiple nominees for his deposit amount. The most important thing is that the account holder can also decide in what ratio the deposit amount will be divided among the nominees after his death.
For example, if there is ₹ 10 lakh in an account and there are three nominees, the account holder can instruct that the amount be divided in the ratio of 40:30:30. This process ensures that the funds are distributed as per the wishes of the account holder.
This means that the first nominee will get Rs 4 lakhs and the second and third nominees will get Rs 3 lakhs each. The second is successful nomination, in which the money is given to the account holder as per priority. This means that if the first nominee is not available, the money will be given to the second nominee.