Nomination

Nomination is the facility available to an account holder to name an individual to receive the proceeds of the account after his/her demise.

Why should you add your nominee?

• Ease of Transfer: A nominated person can quickly access the funds, avoiding long process and legal hurdles 
• Security & peace of mind: The account holder ensures that their financial assets will be passed to the right person
• Financial security for dependents: Naming a nominee ensures that dependents receive financial support promptly

The Department of Finance Services, Ministry of Finance has issued Gazette notification dated 27th October, 2025 on Nomination Facility being offered in Bank Accounts . These Rules shall be effective from November 01, 2025.

The new rules allow a customer to nominate up to 4 nominees in an account or Locker. There are two methods of Nomination for bank accounts. A customer has to choose any one of them :

• Successive- Up to 4 nominees where the customer must assign priority 1-4 and claim will be settled in favour of first nominee and in case first nominee gets deceased then in favour of second nominee and so on.
• Simultaneous- Up to 4 nominees where the customer must assign % distribution of funds to each nominee for settling the claim.

       Simultaneous nomination facility is not applicable in case of Lockers.

What are the features of nomination?

• Nomination can be made in favour of a minor also.
• Nomination can be made for all types of accounts - Savings, Current, Demat, Recurring and Fixed Deposit.
• Update Nominee details through iMobile app or Internet Banking or visit nearest ICICI Branch
• Addition/modification/deletion of nomination can be made as many times as desired.  

Click here for Gazette Notification Nomination

Click here for RBI Notification Nomination

Click here for Nomination form for Lockers

Click here for Nomination form for Accounts and Deposits

iMobile App – Click here

Internet Banking – Click here