Know the RBI Rules for Nomination in Bank Accounts and Inheritances

If you have a bank account or are a senior citizen, ensuring that you have nominations in place is crucial according to recent RBI guidelines. Account holders can now add up to four nominees in their bank accounts, emphasizing the importance of having nominations for financial security after the account holder’s demise. Nominations allow the designated individual to receive the accumulated funds without going through a lengthy legal process, ensuring quick access to financial assistance for the family. With the new rules, it is now mandatory to add the names of four individuals as nominees in bank or investment accounts.