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Banking Nomination Rules:The Finance Ministry has made a big announcement to the banking sector, which is going to prove to be a game-changer for crores of bank customers of the country. The ministry has announced the implementation of new rules under the Banking Laws (Amendment) Act, 2025, which will be effective from November 1, 2025.

These new provisions will have a direct impact on your bank accounts, lockers and assets kept in safe custody. Now customers will get more control and flexibility over their money and assets. Bringing these changes in Banking Nomination Rules will make your life easier.

What is going to change from November 1?

Till now there was an option of only one or two nominees in bank accounts or lockers. But under the new rules, customers will now be able to enroll up to four simultaneously or sequentially. This means you will be able to nominate multiple people for your bank account, items kept in your locker.

This will make the claim process easier in case of any emergency in future. With this update of Banking Nomination Rules, every member of the family will feel secure.

Multiple nomination facility

According to the new provisions, customers can decide up to four nominees for their deposits. You will decide what percentage of share each nominee will get i.e. 50% to one, 30% to the other and 20% to the rest. This system will bring transparency and reduce the possibility of disputes. These nomination rules under the Banking Laws Amendment Act 2025 are so flexible that you will be able to plan as per your need.

New rule for items kept in locker and safe custody

Now only sequential nomination will be allowed for valuables kept in locker or bank. That is, the next nominee will be eligible only after the death of the first nominee. This will make the process of ownership and succession more clear and easy. This feature of Sequential Nomination in Banking Nomination Rules will keep your assets safe like a chain.

Transparency and security will increase in banking

The Finance Ministry says that these new changes will increase transparency in the banking system and bring uniformity in the claim settlement process. Also, this step will give full control and convenience to the depositors over their deposits or assets.

The ministry will soon issue ‘Banking Companies (Nomination) Rules 2025’, in which the process for adding, changing or canceling nominations will be explained in simple language. With these Nomination Rules of the Banking Laws Amendment Act 2025, Claim Settlement will be fast and hassle-free.

Not only this, but also the bigger picture of improvement

The purpose of these changes is not limited to enrollment only. The government aims to strengthen governance in the banking sector, enhance depositor protection and uniform reporting systems. Along with this, this Act will also regulate the tenure of directors in co-operative banks and improve the audit quality. Apart from Banking Nomination Rules, these broad reforms will further strengthen banking.

Its effect on your pocket

The biggest benefit to the common customer from these rules will be that now he will get more options in deciding nomination for his money or things kept in the locker. This will prevent the family from facing problems in future during property disputes or claims. Overall, the banking system is going to become more secure, transparent and customer-friendly from November 1. Your every deposit will be safe due to the Nomination Rules of Banking Laws Amendment Act 2025.