The Reserve bank of India (RBI) has introduced several important changes for savings accounts and bank lockers starting november 1, 2025. These changes aim to enhance customer convenience, transparency, and security.
🔹 Key Changes in Savings Accounts
1. Multiple Nominee Option:
o customers can now add more than one nominee to their savings account.
o This ensures better inheritance planning and fund distribution in case of untimely death.
2. Easier Account Updates:
o Updating KYC details, contact numbers, or Aadhaar linking has become simpler and faster.
o Banks are required to allow online and offline updates without unnecessary delays.
3. Interest on Small Balances:
o Savings account interest rules have been clarified for accounts with very low balances, ensuring customers don’t lose out on earnings.
🔹 Key Changes in bank Locker Rules
1. Locker Access Flexibility:
o customers can add multiple authorized users for locker access.
o Joint access rules are simplified to avoid conflicts among family members.
2. Nominee on Locker:
o Lockers can now have a nominee registered, ensuring smooth inheritance process.
3. Locker Charges Transparency:
o Banks must clearly communicate annual locker rent and related charges.
o customers cannot be arbitrarily charged or penalized.
🔹 Benefits to Customers
· Greater control over accounts and lockers
· Safer inheritance planning with multiple nominees
· Simpler KYC and account updates
· Transparency in locker charges and rules
🔹 Action Points for Customers
· review your current account and locker details before november 1.
· Add or update nominees for both accounts and lockers.
· Ensure your contact and KYC information is current to avoid service interruptions.
These RBI changes are part of the effort to modernize banking services and make them more customer-friendly and secure.
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..jpg)
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