Bank Rules November: The Finance Ministry has made a major announcement regarding the banking sector, which is crucial for millions of bank customers across the country. The ministry has announced the implementation of new regulations under the Banking Laws (Amendment) Act, 2025, which will take effect on November 1, 2025. These new provisions will directly impact your bank accounts, lockers, and safe custody assets. Customers will now have greater control and flexibility over their money and assets.
What is going to change from November 1?
Until now, bank accounts or lockers only had the option of one or two nominees. However, under the new rules, customers will now be able to nominate up to four nominees, either simultaneously or sequentially. This means you can nominate multiple people for your bank account or locker items. This will simplify the claim process in case of any future exigencies.
According to the new provisions, customers can nominate up to four nominees for their deposits. You will decide the percentage share each nominee will receive, such as 50% for one, 30% for another, and 20% for the remaining. This system will bring transparency and reduce the possibility of disputes.
For valuables kept in lockers or bank accounts, only sequential nominations will be permitted. This means that the next nominee will be eligible only after the death of the first nominee. This will make the ownership and inheritance process clearer and simpler.
The Finance Ministry states that these new changes will increase transparency in the banking system and bring uniformity to the claim settlement process. This step will also provide depositors with complete control and convenience over their deposits or assets. The Ministry will soon release the “Banking Companies (Nomination) Rules 2025,” which will explain in simple language the process for adding, changing, or canceling nominations.
These changes go beyond nominations. The government aims to strengthen governance in the banking sector, enhance depositor protection, and unify reporting systems. The Act will also streamline the tenure of directors in cooperative banks and improve audit quality.
The biggest benefit to the average customer from these rules is that they will now have more options for designating a nominee for their money or locker items. This will reduce the hassle for their family in future property disputes or claims. Overall, from November 1st, the banking system will become more secure, transparent, and customer-friendly.