New Bank Rules: According to the government and RBI orders from November 1st, 2025, new rules are going to be implemented for all banks. As per the new rule, from November 1st, 2025, account holders can now add four nominees rather than one nominee for their bank lockers. This rule is under the Banking Law (Amendment) Act 2025, which is going to be implemented soon.

According to the media reports, it claims that these clauses include revised guidelines for nominations. In the past, the administration had stated that the Act’s Sections 10, 11, 12, and 13 would take effect next month. These sections deal with bank lockers, safe custody items, and nominees for bank accounts.

New Regulations for Account Holders & Nominees:

Account holders may name up to four nominees for their bank accounts under the new rules; these nominees may be consecutive or simultaneous. The goal of this modification is to make the claims procedure easier for account holders and their nominees. However, only consecutive nominations will be accepted for bank lockers. This guarantees a seamless and transparent claim procedure by designating the second nominee as the primary candidate if the first is unavailable.

Benefits of Account Holders:

The Ministry of Finance has given the orders that the account holders should specify the percentage of the rights that can be distributed for each of the nominees, so that in total it should be 100%. For example, in the four nominees, if the bank holder wants to distribute 40% to the first nominee, the numbers should be mentioned clearly, that 30% to the second, 20% to the third, and 10% to the fourth nominee. In this way, it should be clearly mentioned.

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According to the new regulations, account holders may designate up to four candidates for their bank accounts; these nominees may be consecutive or concurrent. Making the claims process simpler for account holders and their designees is the aim of this change. For bank lockers, however, only successive nominations will be considered. In the case that the first nominee is absent, this designates the second nominee as the principal candidate, ensuring a smooth and transparent claim procedure.

Nominee Setup for Account Holders:

The Reserve Bank of India Act of 1934, the Banking Regulation Act of 1949, the State Bank of India Act of 1955, and the Banking Companies (Acquisition and Transfer of Undertakings) Acts of 1970 and 1980 are among the out-of-date laws that have been updated by the Banking Law (Amendment) Act, 2025.

It is anticipated that bank account holders will greatly benefit from these new rules, which will make it simple for them to name close relatives or friends as nominees and guarantee the safety of their money and locker contents. In addition to being practical for account holders, this program boosts public confidence in the financial system. The accuracy of the details cannot be guaranteed because this material is based on broad sources.

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