Banking Rules Changes: Big news for bank customers. The Reserve Bank of India (RBI) has announced major changes to the nomination process for bank accounts, lockers, and safe custody. The new rules will take effect on November 1, 2025. Under these rules, customers will now be able to add up to four nominees to their account or locker.
According to new guidelines issued by the RBI, customers can now nominate up to four people for bank accounts, lockers, or safe custody items. Account holders can add these four nominees together or even establish an order of succession. This provision will be extremely useful in the event of a dispute among family members regarding claims or rights after the death of an account or locker owner.
The RBI has directed all banks to make the nomination process available on a completely digital platform. Customers will now be able to add, change, or delete nominees through their mobile app or internet banking. This move will make the process transparent and reduce paperwork time.
Existing nominations will remain valid
The RBI clarified that customers who have already provided nominee details will not face any issues. Their existing nomination will remain valid until they wish to add or modify a new nomination. The central bank also mandated that all banks must maintain digital records of customer enrollments. Banks must promptly notify customers (via SMS or email) of any changes to maintain transparency.
This move by the RBI aims to ensure transparency, accessibility, and consumer protection in the banking system. The new rules will reduce future inheritance disputes and provide account holder families with quick and seamless resolution of the bank claims process. This change will directly benefit millions of bank customers across the country and make the banking system more trustworthy.