Bank Locker: The government has made the rules for bank lockers easier than before. The government has implemented a new rule on 16 April 2025, which will make the process of making a nominee for a bank account and locker easier. Now you can make not just one but four people a nominee in your bank account.
There are 2 ways to make a nominee
Simultaneous – In this, all four people get the money in a pre-decided share. For example, if you have decided that A will get 40%, B will get 30%, C will get 20% and D will get 10%, then after you leave, they will get the money accordingly.
Successive – In this, only the first person will get the money. If he is not there or refuses to take the money, then the second person becomes entitled, then the third and then the fourth.
For a bank locker or the goods you have kept in the custody of the bank, only one nomination after the other is valid. In this also, four people can be made nominees in sequence. If you have not made any nomination and there is a claimant after you, then they will have to give documents like will, succession certificate. This work can be long and troublesome.
How to get old or forgotten money?
If you had deposited some money in the bank and it remained without any transaction for 10 years, then it will now go to RBI’s DEA fund. But do not panic, you can withdraw this money from your bank at any time.
If you had invested money in a company’s bond and did not take it for 7 years, then that money and the interest on it will go to the IEPF fund. Similarly, if any dividend is not taken for 7 years, then that also goes to IEPF. Therefore, it is advisable to make a nomination for your bank account and locker now, so that your loved ones do not face any problem after you are gone.
