A major change is coming to bank customers starting November 1, 2025. You can now nominate four people, not just one, for your bank account, locker, and safe custody. This change has been made under the Banking Laws (Amendment) Act 2025. The government has stated that these new rules will come into effect on November 1.
What is going to change?
Until now, most bank accounts only allowed for one nominee. However, customers can now nominate up to four people if they wish. This means that if something happens to the account owner, the bank will only grant access to the money or locker to the people previously designated by the account owner.
How to become a nominee
The account holder can nominate up to four nominees at a time and determine the percentage of each nominee’s share. For example, the first nominee will receive 40%, the second 30%, the third 20%, and the fourth 10%. In this system, if the first nominee dies, the second nominee will take their place. This procedure applies to locker and safe custody cases.
Why the New Testament was necessary
Often, after the death of an account holder, there was a dispute within the family about who would inherit the money or the contents of the locker. These new rules will largely eliminate this problem. Now, the bank will have a record of who will receive what share.
What will happen next?
The government will soon issue the Banking Companies (Nomination) Rules, 2025. These will explain how an individual can add, change, or remove a nominee. This process will be the same across all banks.
What will change from November 1?
The government has issued a notification stating that it has amended the nomination rules related to bank deposit accounts, lockers, and safe custody. This Act was notified in April 2025, and a total of 19 amendments have been made. These amendments have been made to a total of five laws.
Reserve Bank of India Act, 1934
Banking Regulation Act, 1949
State Bank of India Act, 1955
Banking Companies Acts, 1970 and 1980
We have taken all measures to ensure that the information provided in this article and on our social media platform is credible, verified and sourced from other Big media Houses. For any feedback or complaint, reach out to us at businessleaguein@gmail.com
Add businessleague.in as a Preferred Source
