Beginning next month, a bank customer can opt for up to four nominees in her or his account with a view to ensuring uniformity and efficiency in claim settlement across the banking system.

The key provisions relating to Nomination under the Banking Laws (Amendment) Act, 2025, will come into effect from November 1, 2025, a finance ministry statement said on Thursday.

The Banking Laws (Amendment) Act, 2025, was notified on

April 15, 2025. It 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.

As per the amendments, it said, customers may nominate up to four persons, either simultaneously or successi

See Full Page