Bank And PF Now Offer Option To Select Multiple Nominees | Paisa Live

A new regulation allows for up to four nominees to be designated for any bank account. Additionally, a new system for appointing nominees "continuously and simultaneously" will be introduced. This means that, similar to insurance policies and Hindu Undivided Family (HUF) accounts, the facility will enable joint account holders and heirs to receive funds following the account holder's death. This change aims to streamline the process of nominee appointment, making it more flexible and ensuring that multiple beneficiaries can be recognized and compensated effectively. This system is expected to enhance the security and distribution of assets for bank account holders and their families.