New Banking Nomination Rules From November 1, 2025
The bank OF INDIA' target='_blank' title='reserve bank of india-Latest Updates, Photos, Videos are a click away, CLICK NOW">reserve bank of india (RBI) has introduced updated nomination rules that will give banking customers greater flexibility and control over deposit accounts, safety lockers, and other financial assets. These changes are aimed at simplifying the process and ensuring a smoother transfer of assets in case of the account holder’s demise.🏦 What Are the Key Changes?1. Broader Scope for Nominationo customers can now nominate multiple individuals for a single account or locker.o Nomination is not just restricted to family members; it can include friends or relatives as well.2. Simplified Documentationo The nomination process will require less paperwork, making it easier to update nominees anytime.o A nomination form will be standardized across banks, reducing confusion.3. Safety Locker Nominationo For the first time, safety lockers will have clear nomination procedures.o Nominees can access the locker after fulfilling bank verification, preventing legal disputes.4. Flexibility in Updateso customers can change or revoke nominees at any time without major formalities.o Multiple accounts held in a single bank branch can have different nominees, depending on the account holder’s preference.5. Clarity in Joint Accountso In joint accounts, nomination rules clarify how assets will be distributed among surviving account holders and nominees.🔒 Why This Change Matters· Peace of Mind: Ensures your assets reach the intended person smoothly.· Reduces Legal Hassles: Minimizes conflicts among heirs after the account holder’s death.· Greater Control: customers can manage nominees easily, even online in most banks.· Transparency: Banks will now maintain a clear record of nominations for all deposit accounts and lockers.📝 How to Nominate or Update Your Nominee1. Visit your bank branch or use net banking/mobile banking.2. Fill out the nomination form with nominee details.3. Submit identity proof of the nominee (if required).4. Keep a copy of the acknowledgement for reference. Disclaimer:The views and opinions expressed in this article are those of the author and do not necessarily reflect the official policy or position of any agency, organization, employer, or company. All information provided is for general informational purposes only. While every effort has been made to ensure accuracy, we make no representations or warranties of any kind, express or implied, about the completeness, reliability, or suitability of the information contained herein. Readers are advised to verify facts and seek professional advice where necessary. Any reliance placed on such information is strictly at the reader’s own risk.