New Delhi: The government has allowed bank customers to nominate up to four individuals, including a minor, for their deposits, lockers and articles in safe custody.
This is part of the new norms that come into effect from November 1.
For deposits, customers can nominate simultaneously or successively, while for safe custody and lockers, only successive nominations are allowed, according to the changes notified by the ministry under the Banking Companies (Nomination) Rules, 2025. If the nominee is a minor, depositors may appoint an adult to receive the funds on the minor's behalf. Also, the nomination must be made by a person legally entitled to act for the minor.
The revised rules aim for greater flexibility and convenience for depositors.
The new framework replaces the Banking Companies (Nomination) Rules, 1985 and the Co-operative Banks (Nomination) Rules, 1985.
A depositor can also request that the same nomination be extended to other accounts in the same bank.
"In the case of a deposit held to the credit of more than one depositor, the cancellation or variation of a nomination shall not be valid unless it is made by all the depositors," according to the rules stated in the notification.
This is part of the new norms that come into effect from November 1.
For deposits, customers can nominate simultaneously or successively, while for safe custody and lockers, only successive nominations are allowed, according to the changes notified by the ministry under the Banking Companies (Nomination) Rules, 2025. If the nominee is a minor, depositors may appoint an adult to receive the funds on the minor's behalf. Also, the nomination must be made by a person legally entitled to act for the minor.
The revised rules aim for greater flexibility and convenience for depositors.
The new framework replaces the Banking Companies (Nomination) Rules, 1985 and the Co-operative Banks (Nomination) Rules, 1985.
A depositor can also request that the same nomination be extended to other accounts in the same bank.
"In the case of a deposit held to the credit of more than one depositor, the cancellation or variation of a nomination shall not be valid unless it is made by all the depositors," according to the rules stated in the notification.
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