Bank customers: If you have a bank account or a locker, this news will be very useful to you. Starting November 1, 2025, some major changes will be implemented in the country’s banking system, which could directly impact your daily banking needs.
These changes are being implemented under the Banking Laws Amendment Act 2025, which was notified in April of this year. The primary reason for these changes is to make the banking system more transparent and convenient for customers’ needs.
Let us tell you that until now, it was often seen that after the sudden death of an account holder, family members would struggle for months, sometimes even years, to retrieve the money and valuables stored in the bank account or locker. However, now, disputes arise due to lack of nominee information or multiple heirs. Therefore, this time the government has completely changed the nomination rules to avoid such disputes and problems in the future. So, let’s find out which four banking changes are going to happen from November 1st.
Now, there is a facility for four nominees in your bank account.
Previously, only one person was allowed as a nominee in a bank account, but starting November 1, 2025, account holders can add up to four different nominees to their account. Customers can now enter all nominees at once or select nominees sequentially, i.e., first, second, third, and fourth. Furthermore, if you add multiple nominees, you can also specify a percentage of the funds that each nominee will receive. Example:
Nominee 1 – 40%
Nominee 2 – 30%
Nominee 3 – 20%
Nominee 4 – 10%
The total percentage must always be 100% so that no dispute arises in future.
It’s clear that this system will largely eliminate disputes within large families, especially those where children often clash over bank accounts or savings.
New rules for bank lockers and safe custody
Rules have also been changed for those who keep their gold, silver, jewelry, or important documents safe in a bank locker. Yes, customers can now choose up to four nominees for their locker, but the nomination process will be sequential. This means that the primary nominee will receive the rights first. Therefore, if the primary nominee is unavailable or doesn’t claim them, the rights will pass to the second nominee, making the banking process clear and free of disputes.
credit card changes
SBI is preparing to implement some new rules regarding credit card usage. Unsecured credit cards will now incur a fee of up to 3.75%. If you pay school or college fees through third-party apps, an additional 1% charge will apply. However, if the payment is made directly through the school/college website or POS machine, there will be no fee. Additionally, a 1% fee will apply for wallet loads exceeding ₹1,000.
The nomination process will be easy
To implement these rules, the Banking Companies (Nomination) Rules 2025 will be issued soon, which will state:
How to make nomination
How is it possible to change the nomination?
How to cancel nomination
The best part is that this process will now be the same in all banks, which will eliminate the problem of confusion or different rules in any bank.
What is important for customers to do?
If you have a bank account or locker, before November 1:
– Be sure to check the nominations for all your accounts.
– If the nominee is not updated, get it updated immediately.
– If the family is large, clarify the share.
– Tell the family what your account and locker details are.
This small precaution can save you from big disputes and problems in the future.
The purpose of the government
The purpose of these new rules is to:
-Providing convenience to bank customers
-Reducing disputes among heirs
-Increasing transparency and security in the banking system
Making the rules simple and consistent
This step of the government can be called a real relief for the common people, especially for those families who get stuck in financial and legal problems due to the sudden demise of a member.
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