Bank rules from Nov 1: The Finance Ministry has announced that the key provisions relating to nomination under the Banking Laws (Amendment) Act, 2025, will come into effect from November 1, 2025. The provisions relate to nomination facilities in respect of deposit accounts, articles kept in safe custody, and the contents of safety lockers maintained with banks.

The Act, which was notified on 15th April 2025, contains a total of 19 amendments across five legislations -- the Reserve Bank of India Act, 1934, Banking Regulation Act, 1949, State Bank of India Act, 1955 and Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 and 1980.

Key features of these provisions

Multiple Nominations: Customers may nominate up to four persons, either simultaneously or successively

See Full Page