Bank nomination rules allow up to four individual nominees, but the arrangement depends on what the bank holds. A deposit account can have simultaneous nominees with percentage shares, or successive nominees in an order of priority. Articles in safe custody and safety lockers allow successive nomination only. Naming four people does not automatically mean four equal shares.
These provisions took effect on 1 November 2025. They are explained in the Ministry of Finance announcement of 23 October 2025 and the Banking Companies (Nomination) Rules, 2025, notified on 27 October 2025. This guide describes the published framework; it does not present the anniversary of its commencement as a fresh announcement.
| Bank facility | Permitted arrangement |
|---|---|
| Deposits | Up to four nominees, simultaneously or successively |
| Articles in safe custody | Up to four nominees, successively |
| Safety locker | Up to four nominees, successively |
| Simultaneous deposit nomination | Specified shares must total 100% |
What is simultaneous nomination in a bank account?
With simultaneous nomination, the depositor specifies the percentage for each nominee. The official rules require the percentages to add up to 100. For example, a hypothetical allocation of 40%, 30%, 20% and 10% uses four nominees and totals 100%. Four entries of 30% would total 120% and would not meet that requirement.
The percentages belong to the simultaneous deposit arrangement. They should not be copied into the priority column used for successive nominations. The prescribed form separates these choices and says that, for deposits, only one of the two columns is to be filled. Its percentage column does not apply to articles in safe custody or lockers.
How does successive nomination work for lockers and deposits?
Successive nomination puts nominees in sequence. The nominee lower in the order becomes effective only after the death of all nominees placed higher. The four names therefore function as a chain of priority, rather than a direction to divide a deposit into four parts at the same time.
For example, a form naming a first, second and third nominee does not give each a one third allocation. The first nominee has priority under that arrangement. This difference matters particularly for locker holders because the published framework allows them the successive option, not simultaneous percentage shares.
How to add, change or cancel a bank nominee
The notified rules and prescribed form provide for a nomination form or electronic nomination where the bank offers that facility. The form identifies the bank, account or locker, customer and nominee details. Electronic availability is conditional on the bank providing the facility; the rules do not establish that every bank offers the same online process.
A subsequent nomination can vary or cancel an earlier one. For a deposit held by more than one depositor, cancellation or variation must be made by all depositors. The bank must acknowledge the filing, cancellation or variation in writing or electronically, and register it in its records. A saved draft is therefore different from an acknowledged nomination.
Renewing a deposit does not by itself end its nomination. Where a nominee is a minor, the rules allow appointment of an adult to receive the deposit amount on the minor's behalf in the circumstances specified. A nomination may also be extended to other accounts at the same bank through a request accepted by the bank; it should not be assumed to cover every account automatically.
Nomination identifies the people recorded for settlement, while interest calculations and deposit insurance answer separate questions about the account. Related explainers cover fixed deposit interest calculations, how deposit insurance groups bank accounts and reading bank statement entries.
