Who is a nominee in bank account

A nominee in a bank account is an individual designated by the account holder to claim and receive the account balance in the event of the holder's death. The nominee acts as a trustee or custodian, ensuring a smooth transfer of funds to the rightful legal heirs without the immediate need for court orders or succession certificates. Under the Banking Laws (Amendment) Act 2025, Indian banking customers have the flexibility to:

• Nominate up to four individuals for a single account.
• Choose between simultaneous nomination (sharing percentages) or successive nomination (priority-based).