Starting November 1, 2025, indian banks have implemented major changes in nominee regulations for accounts and lockers. These updates are designed to make banking safer and more flexible for customers. Here’s everything you need to know:

1. 👨‍👩‍👧 Multiple Nominees Allowed

· customers can now add more than one nominee for their savings accounts, fixed deposits, and recurring deposits.

· Each nominee can be assigned a specific percentage of the funds, ensuring fair distribution in case of unforeseen events.

2. 🗝️ Locker Nominee Updates

· The new rules also apply to safe deposit lockers.

· Multiple nominees can be added, and banks can now release locker contents to more than one person according to the assigned shares.

3. 📝 Simplified Nominee Update Process

· Updating nominees is now simpler and faster.

· customers can visit the bank branch or use digital banking platforms where allowed.

· No additional documentation is needed beyond identity and relationship proof.

4. ⚡ Why This Change Matters

· Protects your hard-earned money and valuables.

· Reduces legal complications for heirs in case of a customer’s demise.

· Gives account holders more control over fund allocation according to personal wishes.

5. 💡 Tips for Customers

1. Review your existing nominee details and update as needed.

2. Decide the percentage allocation among nominees to avoid disputes.

3. Ensure all required documents are correct to avoid processing delays.

4. Keep digital proof or acknowledgment after updating nominees for future reference.

📌 Key Takeaway

The new banking rules allow flexibility, security, and clarity in managing accounts and lockers. Updating nominees now ensures that your funds and valuables reach the right people without legal hurdles.

 

Disclaimer:

The views and opinions expressed in this article are those of the author and do not necessarily reflect the official policy or position of any agency, organization, employer, or company. All information provided is for general informational purposes only. While every effort has been made to ensure accuracy, we make no representations or warranties of any kind, express or implied, about the completeness, reliability, or suitability of the information contained herein. Readers are advised to verify facts and seek professional advice where necessary. Any reliance placed on such information is strictly at the reader’s own risk.

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Balasahana Suresh

02/11/2025 10:36 AM