Starting November 1, 2025, the way you manage your bank account — and what happens to it in your absence — is about to change.
The Reserve Bank of India (RBI) has announced a new set of rules under the Banking Laws (Amendment) Act, 2025, designed to make the banking system more transparent, customer-friendly, and fair in handling nominations, claims, and account settlements.
New RBI Banking Rules
If you’ve ever worried about what happens to your savings or locker contents after you’re gone, these reforms are meant for you.
1. Multiple Nominations — A Major Shift
Until now, you could nominate just one person for your savings or fixed deposit account. But from November 1, banks will allow up to four nominees.
Here’s how it works:
- You can nominate simultaneously — assigning each person a specific share of your funds.
- Or choose successive nomination, where the next nominee becomes eligible only after the first nominee’s passing.
This flexibility aims to reduce family disputes and make claim settlements faster and smoother. Think of it as dividing your legacy clearly — no confusion, no fights.
2. New Rules for Lockers and Safe Custody Items
For bank lockers and safe custody articles, only successive nominations will be allowed.
That means if you’ve nominated more than one person, the rights pass automatically to the next nominee in the order listed, ensuring seamless transfer without the need for lengthy paperwork or verification battles.
This is a big relief for families who often struggle to access lockers when the account holder passes away.
3. Transparent and Fair Distribution
Under the new norms, customers can now specify exact percentages or shares for each nominee — for example, 40% to your spouse, 30% each to your children.
This clear allocation removes guesswork and ensures banks can process claims swiftly, minimizing legal complications and emotional stress during already difficult times.
4. Standardized Procedures Across Banks
To make everything uniform, the government will soon introduce the Banking Companies (Nomination) Rules, 2025.
These will define how to make, modify, or cancel nominations across all banks — public, private, and cooperative. Whether you’re in Delhi or a small town in Kerala, the same rules will apply, simplifying the customer experience nationwide.
Why This Reform Is a Big Step Forward
For years, families have faced unnecessary delays in accessing a loved one’s savings simply because of outdated or unclear nomination rules. The new framework not only respects your financial choices but also empowers families with clarity and fairness.
If you have a bank account or locker, this is the perfect time to review your nominations and update them once the new rules take effect. A few minutes of planning today can save your family weeks of stress tomorrow.
Frequently Asked Questions
1. When do the new RBI banking rules come into effect?
The new nomination and governance rules under the Banking Laws (Amendment) Act, 2025, will take effect on November 1, 2025.
2. How many nominees can I add to my bank account?
You can nominate up to four individuals, either simultaneously (with defined shares) or successively (one after another).
3. Are locker nomination rules different?
Yes. For lockers and safe custody items, only successive nominations are allowed — ensuring automatic transfer if one nominee is no longer alive.