Have you ever filled out a nomination form at your bank and wondered, "What's this successive or simultaneous nomination, and which one should I choose?" You're not alone. The RBI's latest rules, the Banking Companies (Nomination) Rules, 2025, let depositors name up to 4 individuals for FDs and RDs—either successively or simultaneously—to streamline inheritance. Effective November 1, 2025, these apply to deposits (with both options), while lockers and safe custody only successive option. Picture this: You've locked away an FD for your family's future. But what if you're gone—who gets it, hassle-free? Let's understand with a quick example. Say you're Ashok, 55, with a ₹10 lakh FD. You name your wife Mia as the successive nominee #1, daughter Pooja as #2, and son Shiv as #3. Successive nomination : Like a relay race. If Mia is alive, she becomes the owner - full control, interest, everything. If not, it passes to Pooja, then Shiv. C...
New days, New ways... A platform featuring Courtroom drama, Opinions, and Commentary!