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New Rules, November 1st: There's good news regarding the money in your bank account or the contents of your locker. From November 1st, 2025, some new banking rules will come into effect, making your life easier. These rules are under the Banking Laws (Amendment) Act 2025, which was notified in April 2025.
The aim is to increase customer convenience. In particular, significant changes are being made to nomination rules so that families don't have to face conflicts after the account holder's death. The Finance Ministry has clearly stated that these changes will come into effect from November 1st under sections 10, 11, 12, and 13 of the Act. These changes will apply to deposit accounts, safe custody articles, and safety lockers.

Nomination Rules
Previously, nomination rules for bank accounts were strict. Only one person could be nominated. However, now you can nominate up to four people for your bank account. This nomination can be made in two ways: simultaneously or sequentially. If you nominate simultaneously, you can specify the share for each nominee, such as 25% or 25%, but the total must be 100%. This will prevent any confusion in distributing funds. This feature is especially beneficial for large families where multiple people may have claims on the funds.

Locker Rules

Now, let's talk about lockers and safe custody. Here, only consecutive nominations are allowed. This means that four names can be registered for the jewelry or documents stored in the locker, but only if one is missing will the next one be selected. This will streamline the locker opening process. There will be no hassles or delays. Customers will have the freedom to decide which method they choose.
Transparency will be improved
Customers can now assign a fixed percentage or share to each nominee, such as a total of 100%. This will make distributing money or goods easier, more accurate, and without any hassles.

Banking processes will be strengthened.
To implement these rules, the Banking Companies (Nomination) Rules 2025 will be issued soon. They will explain the forms and procedures for making, canceling, or changing nominations. Every bank will have a uniform process to avoid confusion. This Act introduces a total of 19 changes, which are in the RBI Act 1934, the Banking Regulation Act 1949, the SBI Act 1955, and some older banking laws.

Its primary goal is to strengthen governance in banking, protect depositors, enhance audit quality, and ensure consistent reporting to the RBI. Some previous sections have already come into effect from August 1, but these nominations will be implemented from November.

These changes are a boon for the common man. Nowadays, bank accounts hold lakhs of rupees, and lockers hold many essential items, including gold and silver. Heirs used to have to wait for months after death. Now, this process will be faster and fairer. If you have an account, check your nomination before November. This step of the government gives priority to customer convenience.

Disclaimer: This content has been sourced and edited from Navbharat Times. While we have made modifications for clarity and presentation, the original content belongs to its respective authors and website. We do not claim ownership of the content.