Can You Change the Nominee of a Bank Locker?

Yes, you can change the nominee of a bank locker. A locker holder can generally change, cancel or vary the nomination during the period for which the locker is held. RBI's nomination framework provides for cancellation and variation of locker nominations.

How Do You Change the Nominee?

The usual process is:

1. Contact your bank branch.
2. Ask for the locker nomination change/variation form.
3. Provide the details of the existing and new nominee.
4. Submit the required KYC/identification documents.
5. Sign the form as required by the bank.
6. Ask for an acknowledgement confirming that the nomination has been updated.

The exact form and documentation can vary between banks.

Can You Cancel the Nomination Completely?

Yes. The nomination can generally be cancelled by following the bank's prescribed procedure. RBI's nomination rules specifically provide for cancellation as well as variation of locker nominations.

Can a Joint Locker Holder Change the Nominee?

For a jointly held locker, the nomination is made by the joint hirers, and the applicable procedure depends on the locker arrangement. RBI rules recognize variation of nomination by joint hirers.

How Often Can You Change the Nominee?

There is no general rule limiting you to changing the nominee only once. The nomination can be varied during the period the locker remains under hire, subject to the bank's prescribed procedure.

Why Might You Want to Change Your Nominee?

Common reasons include:

• Marriage or changes in family circumstances
• The existing nominee has passed away
• You want to nominate a different family member
• Your personal estate-planning preferences have changed
• You want your nomination details to remain up to date

Important: Nominee vs Legal Heir

Changing the nominee does not necessarily mean that the nominee becomes the legal owner of the locker contents.

Nomination primarily helps the bank determine who can receive access to or delivery of the locker contents after the holder's death. The rights of legal heirs can still be relevant under applicable succession law.

Final Takeaway

Yes, a bank locker nominee can be changed, cancelled or updated. Contact your bank, complete the prescribed nomination variation form and keep the bank's acknowledgement for your records. RBI's framework allows nomination to be varied while the locker remains under hire.