Starting 1st November 2025, banks across India will implement new nominations rules —simplified -making it easier for account holders, especially seniors, to ensure their savings and valuables are passed on smoothly to loved ones.

These changes come under the Banking Laws (Amendment) Act, 2025, notified by the Government of India. Here’s what you need to know

Nomination Rules-What’s Changing ?

1. You Can Now Nominate Up to 4 People

  • Earlier, most banks allowed only one nominee.
  • Now, you can nominate up to four people for your:
  • Deposit accounts
  • Safe custody articles
  • Bank lockers

2. Two Ways to Nominate: Simultaneous vs Successive

Simultaneous Nomination (for deposit accounts only)

  • You name up to 4 people at the same time.
  • You decide what percentage each person gets (must total 100%).
  • Example: You nominate your two children—50% each.

Successive Nomination (for deposits, lockers, and safe custody)

  • You list up to 4 nominees in order of priority.
  • If the first nominee passes away, the next one becomes eligible.
  • This ensures smooth succession without legal delays.

Why This Matters for Seniors

  • Peace of mind: Your savings and valuables will go to the right people without confusion.
  • No legal hassle: Nominees can claim without needing a will or succession certificate.
  • Flexibility: Choose how and to whom your assets are distributed.
  • Uniform rules: All banks will follow the same process—no more guesswork.

How to Change nomination under the new nomination rules?

  • Visit your bank branch or online portal after 1st November 2025.
  • Ask for the new nomination form (under the upcoming Banking Companies (Nomination) Rules, 2025).
  • Decide whether you want simultaneous or successive nominations.
  • Keep a copy of your nomination for your records.

Official Notifications & Resources

FAQs

What are the new nomination rules from Nov 1?

You can now nominate up to 4 people for your bank deposits, lockers, and safe custody items. This helps ensure smooth claim settlement without legal delays.

What is simultaneous nomination?

You nominate up to 4 people at once and assign each a percentage share (e.g., 50% to your spouse, 50% to your child). This is allowed only for deposit accounts.

What is successive nomination?

You list nominees in order of priority. If the first nominee passes away, the next one becomes eligible. This applies to deposits, lockers, and safe custody.

Do I need to visit the bank to update my nomination?

Yes. Starting Nov 1, you can ask for the new nomination form at your bank branch or online portal. Choose your preferred nomination type and submit the form.

Will all banks follow the same rules?

Yes. These rules are part of the Banking Laws (Amendment) Act, 2025 and will be implemented uniformly across all banks.

Can joint account holders add multiple nominees under the new rules?

Yes, joint account holders can mutually add or change nominees as per these provisions, ensuring clear entitlements