Bank Locker : The government has eased the requirements for bank lockers. On April 16, 2025, the government enacted a new rule that will make it easier to designate a nominee for a bank account and locker. You can now name four persons as nominees in your bank account.
Bank Locker Nominees : There are two ways to make a nomination.
Simultaneous – In this case, all four people receive the money in a predetermined share. For example, if you determine that A will receive 40%, B will receive 30%, C will receive 20%, and D will receive 10% after your death, they will receive the corresponding amount.
Successive – Only the first person will receive the money. If he is not present or refuses to accept the money, the second person becomes entitled, followed by the third, and finally the fourth.
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Only one nomination is valid for a bank locker or goods stored in the bank’s custody. In this case, four candidates can be nominated in sequence. If you have not made any nominations and there is a claimant after you, they will be required to present documents such as a will and succession certificate. This task might be lengthy and difficult.
How can I get old or forgotten money?
If you deposited money in a bank and did not make any transactions for ten years, it will now be transferred to the RBI’s DEA fund. Don’t worry, you can withdraw the money from your bank at any time.
If you invested money in a company’s bond and did not withdraw it for 7 years, the money and interest will go to the IEPF fund. Similarly, if a payout is not taken for 7 years, it is paid to the IEPF. As a result, it is advisable to make nominations for your bank account and locker now, so that your loved ones do not suffer any difficulties after your death.
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