Bank Account nomination rule change: More flexibility for customers! Banking Laws Amendment Act key features to take effect November 1

Banking Laws Amendment Act 2025: With a view to ensuring uniformity, transparency, and efficiency in claim settlement across the banking system, the Ministry of Finance on Thursday announced that a bank customer can opt for up to four nominees in her or his account. The key provisions relating to nomination under the Banking Laws (Amendment) Act, 2025, will come into effect from November 1, 2025. The Banking Laws (Amendment) Act, 2025, notified on April 15, 2025, said that the provisions of the Banking Laws (Amendment) Act, 2025 “shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint” and different dates may be appointed for different provisions of the Act. The act contains 19 amendments across five legislations - the Reser