RBI New Rules: If you have a bank account, this news may be special for you. Let us inform you that new guidelines have been implemented by the RBI. In fact, the RBI has issued instructions regarding nominations. This includes all cooperative and rural banks in the country. These banks are providing special facilities to their customers. The RBI has also made it clear that if a customer does not wish to make a nomination, they can refuse it by submitting a written undertaking. The bank cannot delay opening an account in this manner.
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Learn about the RBI’s new rule
Under the new rules, banks will be required to issue a receipt within three days of the customer submitting the nomination form. It will also be essential to mention the nomination registered on the passbook or term deposit statement to maintain transparency in the records.
Customers will have complete flexibility to add, cancel, or modify the nomination in their bank account or locker. Along with this, this confirmation will have to be provided in writing to the bank for every change. If, for any reason, the bank rejects an application, it will have to respond in writing within three days.
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RBI has also clarified that if more than one nominee is added to an account and one of them dies before receiving the amount, then that person’s name will automatically be canceled. The new rule includes provisions for settling the claims of deceased account holders within 15 days, so that the nominee can receive the money on time.