The Lok Sabha has passed the Banking Amendment Bill 2024. During the presentation of the bill, Finance Minister Nirmala Sitharaman talked about its 19 modifications. Following the approval of this bill, account holders will experience numerous alterations in their bank accounts and fixed deposits. This amendment was approved to enhance customer convenience and simplify the banking system.
In addition to this, significant alterations will be made to the banking regulations. Once the Banking Law Amendment Bill 2024 is approved in the Lok Sabha, account holders will be allowed to include 4 nominees instead of just one in their bank accounts and fixed deposits. Until now, you could add one nominee to your account or FD, but following the approval of this bill, the number of nominees has been raised to four.
We would like to inform you that this adjustment in the regulations is intended to allocate the unclaimed funds to the legitimate heir. As per the Reserve Bank of India’s data, approximately Rs 78,000 crore is stored in banks as unclaimed funds until March 2024. According to the Banking Laws (Amendment) Bill, 2024 approved by the Lok Sabha, account holders may include up to four nominees for their accounts.
There will be ways to accomplish this. In the first approach, all nominees are required to contribute a set portion collectively. In other words, you can determine the amount of share each person must provide. You may include their names as appropriate.
The alternative method is to maintain the nominees in order
The alternative method is to maintain the nominees in an order. In this manner, the nominees will be granted the money consecutively. You can select one of the two alternatives according to your preference. The new regulation will simplify access to funds for the account holder’s family, whereas the postponement