RBI New Rules: If you have an account or locker in a bank, then this news is for you. The Reserve Bank of India (RBI) has issued new guidelines regarding nomination facilities for bank accounts, safe deposit lockers and safe custody items.
These rules will come into effect from November 1, 2025. Under the new rules, all banks (including cooperative and rural banks) will be required to provide nomination facilities to their customers. Customers can opt out of nomination by submitting a written declaration, and the bank cannot delay opening the account due to this.
Let’s know what are the new rules of RBI.
RBI has directed that banks should issue a receipt within three working days of receiving the nomination form and mark ‘Nomination Registered’ on the passbook or term deposit receipt. It will also be mandatory to enter the name of the nominee in the account records to maintain transparency.
This facility will be provided to the customers.
Customers will also be given the option to register, cancel or change the nomination, and the bank will be required to provide written proof of each change. If the bank cancels the nomination for any reason, it will have to inform the customer in writing within three working days.
RBI has also clarified that if there is more than one nominee in an account and one of them dies before receiving the money, the nomination of that person will automatically be considered terminated. These guidelines are in line with the earlier provisions of RBI which provided for settlement of claims of deceased customers within 15 days. In case of a valid nomination or survivorship clause, the bank can release funds directly to the nominee or heir on the death of the account holder.
