The Finance Ministry has made a big announcement related to the banking sector, which is very important for crores of bank customers of the country. The ministry has announced the implementation of new rules under the Banking Laws (Amendment) Act, 2025, which will be effective from November 1, 2025. These new provisions will have a direct impact on your bank account, locker and assets kept in safe custody. Now customers will get more control and flexibility over their money and assets.
What is going to change from November 1?
Till now there was an option of only one or two nominees in bank accounts or lockers. But under the new rules, customers will now be able to enroll up to four simultaneously or sequentially. This means you will be able to nominate multiple people for your bank account, items kept in your locker. This will make the claim process easier in case of any emergency in future.
Multiple nomination facility
According to the new provisions, customers can decide on four nominees for their deposits. You will decide what percentage of share each nominee will get i.e. 50% for one, 30% for the other and 20% for the rest. This system will bring transparency and reduce the possibility of disputes.
New rule for items kept in locker and safe custody
Now only sequential nomination will be allowed for valuables kept in locker or bank. That means the next nominee will be eligible only after the death of the first nominee. This will make the process of ownership and succession more clear and easy.
Transparency and security will increase in banking
The Finance Ministry says that these new changes will increase transparency in the banking system and bring uniformity in the claim settlement process. Also, this step will give full control and convenience to the depositors over their deposits or assets. The ministry will soon issue ‘Banking Companies (Nomination) Rules 2025’, in which the process for adding, changing or canceling nomination will be explained in simple language.
Not only this, but also the bigger picture of improvement
The purpose of these changes is not limited to enrollment only. The objective of the government is to strengthen governance in the banking sector, increase the protection of depositors and make the reporting system uniform. Along with this, this Act will also regulate the tenure of directors in cooperative banks and improve the audit quality.
Its effect on your pocket
The biggest benefit to the common customer from these rules will be that now he will get more options in deciding nomination for his money or things kept in the locker. Due to this, the family will not face any problem in future during property disputes or claims. Overall, the banking system is going to become more secure, transparent and customer-friendly from November 1.