New Bank Rule: Major relief is coming next month regarding bank accounts and lockers. You can now nominate four people for your bank account and locker, instead of one. The government announced on Thursday that some key rules of the Banking Laws (Amendment) Act, 2025, will come into effect from November 1.
According to a Mint report, these include rules related to nominees. The government had previously announced that sections 10, 11, 12, and 13 of the Act would come into effect next month. These rules relate to nominees for bank accounts, safe custody items, and bank lockers.
Rules for Account Holders and Nominees
Under the new rules, you can nominate up to four people for your bank account. These nominees can be simultaneous or consecutive. This will make it easier for account holders and their nominees to file claims. However, only successive nominations are allowed for lockers. This means that if the first nominee is no longer eligible, the second nominee will act as the nominee. This will ensure that the claim process is uninterrupted and clear.
Account holders will benefit from this.
The Finance Ministry has stated that account holders must specify the percentage of entitlement for each nominee, which must total 100%. For example, if you appoint four nominees, you can specify that the first nominee will take 40%, the second 30%, the third 20%, and the fourth 10%. These rules will give account holders the freedom to choose their preferred nominees. This will also ensure transparency, uniformity, and speed in the claim process. The Ministry also stated that the Banking Companies (Nomination) Rules, 2025, will be released soon. These will detail the complete process and forms for appointing, canceling, or designating multiple nominees. These rules will apply uniformly across all banks.
Account holders will be able to easily appoint nominees.
These changes have been made under the Banking Laws (Amendment) Act, 2025, which updates several old laws. These include the Reserve Bank of India Act, 1934, the Banking Regulation Act, 1949, the State Bank of India Act, 1955, and the Banking Companies (Acquisition and Transfer of Undertakings) Acts, 1970 and 1980. These new rules will significantly benefit bank account holders. They will now be able to easily appoint their family or close relatives as nominees, ensuring the safety of their money and locker contents. This move is not only convenient for account holders but will also strengthen the banking system and increase public trust. This information has been collected from reliable sources, and we do not guarantee its accuracy.
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