Estate planning · Nomination
Bank account nominations: how to update and what to watch
Updated . Every paid answer is checked by a CA. Free AI answers are labelled until a CA verifies them.
Facts
Every bank account should have a nominee. Joint accounts can have nominees. A nominee can be a minor (a guardian must be named). Updating nominee: visit branch with nominee's Aadhaar, fill Form DA1 (for individuals), usually same day. For online accounts, update in internet banking under "Service Requests → Nomination.".
Provisions and law
- Banking Regulation Act | Banking Companies Nomination Rules 1985
Analysis
If no nominee: family must apply for Succession Certificate from court (6-18 months) to claim the account. Many families discover this only at death, when the money is most needed.
Conclusion
- Savings account, primary and salary
- Fixed deposits, each FD has separate nomination
- Current account (if business owner)
- Locker nomination (separate from account)
A Savvy can do this for you
Member UAN activation and KYC (Aadhaar, PAN, bank)
₹499
Get this doneAsk a Savvy on WhatsAppGeneral guidance from TaxSavvy’s library of money processes. Laws change; your Savvy confirms the answer on your exact case before anything is filed.