New Rules from November 1 – New RBI Rules for Bank Nominees Effective Nov 1

New rules from November 1: From November 1, 2025, changes will be made to Aadhaar card updates and several banking-related rules, which may provide some relief to the general public. Many rules change on the first of every month. The Reserve Bank of India has issued new guidelines regarding nomination facilities for bank accounts, safe deposit lockers, and safe custody items. These rules will be implemented on November 1, 2025. Under the new regulations, all banks will be required to provide nomination facilities to their customers.

What are the new RBI rules?
The RBI has issued a new directive that banks must issue a receipt within three working days of receiving the nomination form and mark ‘Nomination Registered’ on the passbook or term deposit receipt. It is also mandatory to register the nominee’s name in the account records. Customers will also have the option to register, cancel, or modify the nomination, and the bank will be required to provide written proof of each change. If the bank rejects a nomination for any reason, it must inform the customer in writing within three working days.

The RBI has also stated that if there is more than one nominee in an account and one of them dies before receiving the money, that person’s nomination will be automatically terminated. In the event of a valid nomination or survivorship clause, the bank can release the funds directly to the nominee or heir upon the account holder’s death.

Aadhaar-PAN Linking Required
Now, every PAN holder must link their PAN with Aadhaar by December 31, 2025. If you fail to do so, your PAN card will become inactive from January 1, 2026, and you will not be able to use it. Those applying for a new PAN card will also be required to undergo Aadhaar verification. KYC will now be performed using Aadhaar OTP, video KYC, or face-to-face verification. These changes will greatly benefit Aadhaar holders. The convenience of updating from home will save time. But keep in mind that if your PAN isn’t linked to Aadhaar, it could cause problems later. Therefore, link your Aadhaar and PAN quickly, use online services, and have the necessary documents ready.