Option To Add 4 Nominees In Bank Account | Paisa Live

According to the proposed amendment to Section 45ZA of the Banking Regulation Act, 1949, bank account holders will now be allowed to designate up to four nominees. The bill stipulates that account holders cannot name more than four nominees. Additionally, for each nominee, the account holder must specify the proportion of the deposit amount that the nominee will receive. This new provision aims to provide more flexibility and clarity in the distribution of funds in the event of the account holder's demise. By clearly defining each nominee's share, the amendment seeks to streamline the process of fund allocation and ensure that the distribution of assets is managed efficiently and transparently.