Section 16(4) in The Small Industries Development Bank Of India (General Regulations), 2000*
(4)Where the nominee first named has predeceased the holder and the holder has not cancelled the nomination or substituted the nomination, the nominee second named shall be entitled to receive the amount in respect of the security of the deceased holder and in the same manner on the death of a successive nominee, the nominee next named shall be entitled to receive the amount in respect of such security.
