How to Review Nominees Across Your Family's Financial Accounts

Most people think all their accounts have nominees. But when they check, they often find an old account with an outdated nominee, an FD with no nominee, or a policy from before marriage that still names a parent.

Checking nominees is not exciting, so people put it off. This post gives you a simple way to review nominees across every account in your family, with a tracker to record what you did.

Step 1: Make a list of institutions and account types

You cannot check what you have not listed. Start by writing down every place money sits, for each family member:

• Bank savings and current accounts
• Fixed deposits (sometimes these have a separate nominee from the savings account)
• Bank lockers
• Mutual fund folios
• Demat accounts
• Life and health insurance policies
• EPF
• PPF and other post office schemes
• NPS

If you have already built a family financial inventory, use that.

Step 2: Check each one through the official process

Each type of account has its own way to view and update nominees.

For EPF, members can file nominations online through the EPFO member portal under the e-nomination option. A new nomination replaces the old one once e-signed.

For banks, amendments to the Banking Regulation Act that came into force on 1 November 2025 allow up to four nominees on a deposit account. Nominations can be simultaneous, where each nominee gets a fixed share, or successive, where the next nominee only comes in if the earlier one cannot claim.

For mutual funds and demat accounts, SEBI updated its rules in 2025 and again in 2026. New single-holder accounts must either nominate or opt out. Check your fund house or broker for the current nominee limit and options.

Step 3: Review after major life changes

Nominees go out of date when life changes. Review all of them after:

• Marriage: many people still have parents as nominees years after marrying. Our financial checklist after marriage covers this.
• Childbirth: you may want to add your child, which usually means naming a guardian since a minor cannot claim alone. See our checklist after having a baby.
• Divorce or separation
• The death of a nominee
• Moving abroad, to update contact details and possibly nominees. Our checklist before moving abroad has the full list.

Step 4: Keep ownership, joint holders and nominees separate

These three get mixed up often, and they mean different things.

• Owner: the person whose money it is
• Joint holder: a co-owner who often has rights during the owner's lifetime, depending on how the account is set up ("either or survivor", "jointly" and so on)
• Nominee: the person who receives the money after death, often on behalf of legal heirs

Adding a joint holder is not the same as naming a nominee, and neither is the same as a will. In India, courts have said that a nominee does not automatically become the owner. The Supreme Court said this clearly for securities in December 2023 in Shakti Yezdani v. Jayanand Salgaonkar. A will is what settles final ownership.

Step 5: Record completion dates and follow-ups

Write down what you checked, what you changed and when. This avoids repeating work and makes the next review faster.

Rules and processes vary

Every institution has its own forms, limits and timelines, and the rules have changed several times in the last two years. Treat this post as a guide to what to check, then confirm the details with each bank, fund house, insurer or scheme.

Nominee review tracker

Copy this table:

Once you have done it once, an annual check takes far less time. Keep the tracker with your emergency financial file so your family can find it too.

Nominees work best alongside a simple list of what you own. See our guide on making sure your family can find your investments.

Frequently Asked Questions

How do I check who my nominee is in my bank account?

Most banks show it in net banking under account details or service requests. You can also ask at the branch or check your passbook.

Do FDs need a separate nominee?

Often, yes. An FD may have its own nominee, separate from the linked savings account. Check each one.

Can I name my minor child as a nominee?

Yes, usually with a guardian named to act for the child until they turn 18. The process varies by institution.

Do I need to update nominees after marriage?

It is a good idea. Many people still have their parents as nominees. Review all accounts and policies and decide what you want now.

Is a nominee enough without a will?

Not really. The nominee may only receive assets on behalf of legal heirs. A will makes the final ownership clear.

To quickly see whether nominees are a gap for your family, try the free Family Health Check. Kashly experts can also help you sort out nominees and paperwork. Get in touch.