Bank Nomination - Successive or Simultaneous?

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. Clean, sequential handover without courts. The lower nominees activate only after the higher ones die.
• Simultaneous nomination: Team mode! Name Mia, Pooja, and Shiv together. On your passing, the ₹10 lakh splits equally (or as per your ratios)—each owns their share outright. No waiting games.

Which to choose, when? Successive is for a clear family hierarchy (spouse first, kids next). Simultaneous fits the equals—like siblings sharing equally. Both kick in post your demise, bypassing succession delays. RBI mandates this via Form DA1—update yours today via the bank app or branch!

Key Links for Details

• Official Nomination Rules: Banking Companies (Nomination) Rules, 2025​
• PIB Announcement: Key Provisions on Nominations​

These rules cut inheritance headaches by 80% in test cases. What's your pick—successive or simultaneous?