With effect from this month, India’s banking system will see a significant shift in how depositors can secure the transfer of their bank deposits and locker contents, following the implementation of the Banking Laws (Amendment) Act, 2025.

Notified in April, the Amendment introduces flexibility and clarity into the nomination process, addressing long-standing challenges arising from the earlier single-nominee framework. Among the various amendments made across key laws (The Reserve Bank of India Act, 1934, and the Banking Regulation Act, 1949) the changes to nomination are among the most direct and immediately beneficial to ordinary bank customers.

From Single Nominee to Flexible Succession: Under the current system, depositors can ordinarily appoint only one nominee for bank accounts, lo

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