Nominee rules have changed for almost every kind of account in the past year. Since 1 November 2025 a bank deposit can have up to four nominees, under the Banking Laws (Amendment) Act, 2025, the finance ministry announced. From 1 September 2026, SEBI’s revised norms allow up to three nominees on a demat account or mutual fund folio. EPF nomination is now done online, signed with an Aadhaar OTP.
A missing or outdated nomination is the main reason money sits unclaimed after a death, the government’s explainer on the Act notes. Updating it is mostly a matter of forms and OTPs, and much of it can be done online from home.
What each account allows
| Account | Nominees | How shares work | How to file |
|---|---|---|---|
| Bank deposit | Up to 4 | Simultaneous, with percentages adding to 100%, or successive | Bank’s nomination form, branch or net banking |
| Bank locker or safe custody | Up to 4 | Successive only: the next in line takes over | Bank’s form at the branch |
| EPF | Family members as defined by EPFO | Several nominees allowed | Online e-nomination, Aadhaar e-sign |
| Demat account or MF folio | Up to 3 | Optional shares; equal split if not given | Online with e-sign or OTP, or a signed form |
Source: PIB explainer on the Banking Laws (Amendment) Act, 2025; EPFO e-nomination help file; SEBI circular of 29 May 2026.
Before you start
| Document | Who needs it | Notes |
|---|---|---|
| Nominee’s name and relationship | All accounts | The only mandatory details for demat and MF |
| Nominee’s date of birth | Minor nominees | Plus guardian details where asked |
| Nominee’s Aadhaar and photo | EPF | Aadhaar is checked against name, birth date and gender |
| UAN with Aadhaar verified, mobile linked to Aadhaar | EPF | Needed for the e-sign OTP |
| Consent of all joint holders | Joint bank, demat or MF accounts | All must sign or authenticate |
The steps
- List every account. Savings and fixed deposits, lockers, EPF, demat and each mutual fund folio. Nomination is per account, so one form does not cover the rest.
- Decide who gets what. For a bank deposit you can split by percentage among up to four people, or set an order of succession. Lockers take only a successive order.
- Update the bank. Ask your branch, or check net banking where your bank offers it, for the nomination, cancellation or variation form, fill in the nominees and shares, and collect an acknowledgement.
- Fix your EPF profile. Log in to the EPFO member portal with your UAN. Father’s name, marital status, date of joining, photo and address must be complete before the nomination option opens; date of joining and father’s name corrections go through your employer.
- File EPF e-nomination. Add family members, upload each nominee’s photo and Aadhaar, set shares, and e-sign the generated PDF with the OTP sent to your Aadhaar-linked mobile. EPFO says the nomination is complete only once it is e-signed. You must list your spouse and children as family even if you do not nominate them.
- Update demat and mutual funds. Log in to your broker or depository participant and each fund house or registrar. Add up to three nominees and confirm with an e-sign or an OTP sent to your registered mobile and email. Paper forms need only your signature, no witness, unless you use a thumb impression.
- Keep acknowledgements and review yearly. Redo nominations after marriage, a birth or a nominee’s death. In EPF, a nomination filed while unmarried becomes invalid on marriage.
From this date new single-holder demat accounts and mutual fund folios need a nomination of up to three people or a signed opt-out, under SEBI’s circular of 29 May 2026.
Common mistakes
It’s often said that naming a nominee decides who inherits the money.
In fact a bank nominee receives the money as a trustee for the legal heirs, as the RBI’s claims directions state. Nomination makes the payout quick; a will decides who finally owns it.
Accounts that opted out of nomination, or never had one, get periodic SMS and email reminders and a pop-up at the first login of the day under the SEBI rules until a nominee is added. Ignoring them is the easy path, but the reminders exist because unclaimed securities are hard for families to recover.
If it goes wrong
If a bank refuses to register more than one nominee or a locker nomination, complain to its grievance cell and, after 30 days, the RBI Ombudsman. EPF profile errors that block e-nomination need your employer’s approval; if the employer delays, raise it on EPFiGMS, EPFO’s grievance system. For demat and fund issues, complain to the broker or registrar first, then on SEBI’s SCORES portal. For estate planning beyond nominations, consult a lawyer.
Quick answers
How many nominees can I have on a bank account?
Up to four since 1 November 2025, with shares that add up to 100% or in a fixed order.
How many nominees on a demat account?
Up to three under SEBI’s norms effective 1 September 2026.
Can I change my EPF nominee?
Yes, any time, by filing a fresh e-nomination and e-signing it. The new one replaces the old.
Information checked against official sources on 19 October 2026. Fees, dates and rules can change; confirm on the linked official pages before acting.
Sources
- Banking Laws (Amendment) Act, 2025 explainer (PIB, December 2025)
- Banking Laws (Amendment) Act: key nomination provisions effective from 1st November (All India Radio News)
- e-Nomination help file for members (EPFO)
- Ease of doing investments: Modified Norms for Nomination in Demat Accounts and Mutual Fund Folios, 29 May 2026 (SEBI)
- SEBI circular dated 29 May 2026, as circulated by NSDL (NSDL)
- RBI (Settlement of Claims in respect of Deceased Customers of Banks) Directions, 2025 (RBI)
