Your Zerodha Nominations Are Probably Wrong (And You Don’t Even Know It)
You spent 3 hours researching which smallcap fund to pick. You read Reddit threads, watched YouTube comparisons, checked Morningstar ratings.
You spent exactly 0 minutes checking who gets that money if you die tomorrow.
Here’s the thing: about 73% of individually-held demat accounts either have no nominee or have outdated nominations. That’s not a typo. Nearly three out of four accounts.
And of the ones that do have a nominee, how many have the right one? If you opened your Zerodha account at 22, you probably put your father or mother. You’re 28 now. Married. Maybe expecting a kid. But your demat account still thinks your dad should get everything.
The 5-Minute Check That Most People Skip
Open Zerodha Console right now. Go to console.zerodha.com > Account > Nominees.
Who’s listed?
If your answer is “I don’t know” or “probably my parent from when I signed up,” you’re in the majority. And that’s a problem.
Do the same check on:
- Groww: Profile > Account Details > Nominee Details
- Kuvera: Profile > Nominees tab
- Your bank: Check passbook or net banking under account details
- Your PPF: Check with the bank or post office where you opened it
- Your EPF: Log in to EPFO member portal and check your nomination
If any of these still list your parent from when you were a student and you’re now married, they need updating.
Why Outdated Nominees Create Real Problems
“But my nominee will just hand it over to my spouse, right?”
Maybe. Maybe not. Here’s what the law actually says.
The Supreme Court ruled in Shakti Yezdani v Salgaonkar (2023) that a nominee is a trustee, not an owner. Your nominee collects the money on behalf of your legal heirs. They’re supposed to distribute it according to succession law or your will.
But “supposed to” and “actually does” are different things.
If your parent is still the nominee but your wife is now a legal heir, the law creates an unnecessary layer. Your parent collects the money as nominee, but succession law says your wife also has a claim. Everyone means well, but the legal process forces them into roles nobody asked for. It could mean a succession certificate, months of waiting, and stress during an already painful time.
A correctly updated nominee avoids all of this. If your wife is both the nominee AND the legal heir, she gets the money directly. No delays. No confusion. No forcing your family through legal procedures when they should be supporting each other.
Read the full breakdown of nominee vs legal heir.
The New Rules You Should Know About
SEBI’s October 2024 rules (effective March 2025) changed the nominee game:
- Up to 10 nominees per demat and mutual fund account (previously just 3)
- Percentage allocation: You can specify exactly what each nominee gets
- No more account freezes: SEBI removed the threat of freezing accounts without nominees
And for bank accounts, the Banking Laws Amendment Act 2024 (effective November 2025) now allows up to 4 nominees per bank account, with percentage splits.
This is good news. Use it.
Example setup for a married 28-year-old:
| Account | Primary Nominee | Backup |
|---|---|---|
| Demat (Zerodha) | Spouse (100%) | Parent as second nominee |
| Mutual Funds (Groww) | Spouse (100%) | Parent as second nominee |
| Bank Account | Spouse (100%) | Parent as second nominee |
| EPF | Spouse (100%) | - |
| PPF | Spouse (100%) | - |
| Term Insurance | Spouse (100%) | Parent as contingent |
Read the complete guide on updating nominees with the 2025 rules.
How to Update: Platform by Platform
Zerodha: Log in to Console > Account > Nominees. If your mobile is linked to Aadhaar, you can add nominees online. The update takes about 5 working days. If your mobile isn’t linked to Aadhaar or you need to modify an existing nominee, you’ll need to submit an offline form.
Groww: Go to Profile > Account Details > Nominee Details > Edit. First-time online nominee addition works with Aadhaar e-sign (24-48 hours). Changing an existing nominee requires downloading a form and submitting physical documents (5-7 working days).
Kuvera: Profile > Nominees tab > Edit. Authenticate with OTP. Can add up to 3 nominees for mutual fund folios.
EPF: Log in to the EPFO member portal. Go to Manage > Nomination. You can update your EPF and EPS nomination online with e-sign.
Bank accounts: Visit your branch or check net banking. Most banks now allow nominee updates online, but some still require a branch visit with a filled Form DA1.
The Bigger Problem: Nominee Isn’t Enough
Even with updated nominees, your family still needs to know your accounts exist.
Updated nominee on Zerodha? Great. Does your spouse know you have a Zerodha account? Do they know the client ID? What about the demat account transmission process they’ll need to follow?
Nominees solve the “who gets access” problem. They don’t solve the “does my family even know this exists” problem. For that, you need to share a list of what you have and where it is.
What You Can Do Today
- Right now: Check nominees on your demat account, mutual funds, and bank account. Takes 5 minutes.
- This week: Update any outdated nominations. Especially if you’ve gotten married since opening the account.
- Tell someone. Your nominee needs to know they’re your nominee. And they need to know the account exists.
- Make a list. Every financial account, with nominees listed. Share it with your spouse or parent.
You picked your mutual funds carefully. Pick your nominees just as carefully.
Anshin makes this simple. Store all your financial details, nominee info, and account access in one place. Share it with someone you trust, so they’re never left guessing.
This information is for educational purposes. Laws and processes vary by state and change over time. For specific legal advice, consult a qualified lawyer.