Banking Rules: New changes will come into effect in the banking sector from November 1, 2025, providing greater convenience and transparency to customers. Under the Banking Laws (Amendment) Act, 2025, customers will now be able to add up to four nominees to their bank accounts and deposit accounts. Nominations can be made in two ways: simultaneous, where each nominee receives a fixed share, and successive, where the second nominee is eligible after the first. Only sequential nominations will be available for bank lockers and safe custody. Customers can now decide the percentage of funds or assets among the nominees, making the claim settlement process easier and dispute-free. The government will soon issue rules for adding, changing, or canceling nominations across all banks, making the process uniform and transparent.
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New Banking Changes to Come into Effect from November 1
Several new rules will come into effect in the banking sector from November 1, 2025. These changes have been made under the Banking Laws (Amendment) Act, 2025, with the approval of the Ministry of Finance. The new rules will provide convenience, improved management, and transparency to customers. The provisions of Sections 10, 11, 12, and 13 of the Act will come into effect from this date.
Facility to add up to four nominees to a single account
Under the new rules, customers will be able to add up to four nominees to their savings or deposit accounts. Nominations can be made in two ways: proportionate, in which each nominee receives a pre-determined percentage; and sequential, in which the second nominee becomes eligible after the first. This change will simplify and make the claim settlement process after death transparent.
Rules for Bank Lockers and Safe Custody Articles
Only sequential nominations will be allowed for bank lockers or safe custody articles. This means that if the first nominee is no longer alive, the second nominee will automatically become eligible. This arrangement will reduce the possibility of disputes or confusion over property.
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Transparent Share Distribution Among Nominees
Customers can now specify the percentage of funds or assets to be allocated to their nominees. The total shareholding must be 100%. This change will facilitate bank claim settlement and help prevent disputes.
Future Uniformity of Rules
The government will soon issue the Nomination Rules for Banking Companies, 2025. Following this, the process for adding, changing, or canceling nominations will be uniform across all banks, providing convenience and transparency to customers.