New bank nomination rules will come into effect under the Banking Laws (Amendment) Act, 2025, starting November 1, 2025. The revised guidelines are aimed at giving depositors more flexibility and control over their money, the Finance Ministry said in a statement.

For the first time, customers can nominate up to four nominees for their bank accounts, fixed deposits, lockers, and safe custody articles.

Key objectives of new provisions

The new provisions aim to make the nomination process simpler, transparent, and uniform across all banks, ensuring faster claim settlement and better protection for depositors and their families.

These reforms are part of the government’s broader push to strengthen governance, enhance depositor safety, and promote customer convenience in the banking system.

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