From 1 November 2025, new nomination and safety locker rules will come into force under the updated Banking Laws and Nomination Rules, 2025.
These long-awaited changes aim to:
Simplify how depositors designate nominees,
Reduce legal complications after a depositor’s death, and
Make locker and safe-custody operations more transparent.
In short, the RBI and the government want to make sure your money and valuables reach the right hands — quickly and clearly.
1️⃣ Key Highlights of the New Rules
Multiple Nominees for Bank Accounts
Depositors can now nominate up to four persons for any bank account — including savings, fixed, and recurring deposits.
You can assign specific percentage shares to each nominee (must total 100%).
Nominees can be added or changed anytime with proper written consent.
This is a huge improvement over the previous rule that allowed only one nominee per account.
Separate Norms for Safety Lockers & Safe Custody
For lockers and safe custody, nomination will now be successive, not simultaneous.
You can list up to four nominees in order of priority — if the first is unavailable, the next nominee gains access.
Banks must clearly record the succession order in their system.
This ensures secure and legal access to locker contents without long claim disputes.
Nomination is Optional, But Encouraged
The new rules make it mandatory for banks to offer the nomination facility to all customers, both new and existing.
However, nomination itself is not compulsory — you can choose to opt out, but you must sign a written declaration confirming the same.
Banks must clearly display nomination options in account opening and locker rental forms.
Transparent Claim Process
Banks will now process claims faster for accounts and lockers with valid nominations.
Legal heirs can access funds with minimal paperwork when nomination is recorded properly.
For lockers, nominees can access contents or close the locker after verification.
This makes succession far smoother and reduces disputes among family members.
2️⃣ Why These Changes Matter to You
✅ Better Estate Planning
You can distribute your deposits across multiple nominees — for example, 40% to a spouse, 30% to a child, and 30% to a parent.
✅ Reduced Legal Hassles
A valid nomination helps prevent court intervention and long waiting periods for heirs.
✅ Improved Access for Families
For lockers, the priority nomination list ensures that the next nominee automatically gains rights without additional formalities.
✅ More Transparency from Banks
Banks are required to update records, issue nominee acknowledgment slips, and reflect nominee details in account statements or digital profiles.
3️⃣ What You Should Do Before November 2025
Check your existing bank accounts and lockers.
Make sure you have updated nominations — many accounts still list “no nominee.”
Decide between simultaneous or successive nominations.
Simultaneous: Multiple nominees with specific shares (for deposits).
Successive: A priority-based list (for lockers).
Verify nominee details.
Ensure names, addresses, and relationships are accurate and match valid ID documents.
Update online or at your branch.
Most banks now allow e-nomination through internet banking or mobile apps.
Retain proof.
Always collect a signed acknowledgment or email confirmation after adding or updating nominees.
4️⃣ Key Things to Remember
Nomination does not override a will. Legal heirs can still claim rights if disputes arise.
If you hold joint accounts, all account holders must approve any new nomination or change.
Each account or locker requires a separate nomination form.
If you die without a nomination, your family will need to go through standard legal heir verification — which can take months.
Final Thoughts
The new nomination and safety locker framework marks a major step in depositor protection.
By giving you the power to choose multiple nominees and formalizing succession for lockers, banks are ensuring your wealth transitions smoothly and securely.
Take action now: review, update, and confirm your nominations well before November 2025 to avoid confusion or legal delays later.
Your money should never be trapped in paperwork — plan ahead, nominate smartly, and secure your family’s access.
❓ Frequently Asked Questions (FAQ)
1. Is nomination mandatory under the new rules?
No. It’s optional, but banks must give you the option to nominate and record your decision.
2. How many nominees can I add?
Up to four nominees for deposit accounts. For lockers and safe custody, four nominees in successive order.
3. Can I assign different shares to each nominee?
Yes. You can allocate specific percentages (for example, 50%, 30%, 20%) as long as they total 100%.
4. What happens if I don’t nominate anyone?
Without a nominee, your legal heirs will need to provide documents such as a succession certificate or legal heir affidavit to claim funds.
5. How do successive nominations for lockers work?
If the first nominee is unavailable, the second nominee automatically becomes eligible, followed by the third and fourth as listed.
Published on : 11th November
Published by : SMITA
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