The Reserve Bank of India (RBI) has released new nomination circular for deposit accounts and safe lockers in Banks. You can check nomination rules for savings account, current account, bank lockers and download PDF via link given below. These Directions shall come into force with effect from November 1, 2025.
RBI New Nomination Rules in Banks (Effective from 1 November 2025): Check Nomination Rules for Savings Account, Current Account, Lockers
- Multiple Nominations for Bank Accounts
Bank account holders can now nominate up to four individuals for their accounts. Nominations may be made in two ways:
- Simultaneous nominations, where each nominee receives a specified share; or
- Successive nominations, where the next nominee becomes eligible only if the previous nominee is no longer alive.
This change aims to make claim settlements faster and more transparent, reducing legal disputes and delays that often follow the account holder’s death.
- Rules for Lockers and Safe Custody Articles
For bank lockers and safe custody items, only successive nominations will be permitted. This ensures that rights to access locker contents automatically pass to the next nominee in line, ensuring smooth and dispute-free transfers.
- Clear Distribution of Claims
Customers will now be able to assign specific percentages or shares to each nominee, provided the total adds up to 100%. This meanas you can give 50% to nominee A, 50% to nominee B. This mechanism helps avoid ambiguity and allows banks to settle claims more efficiently and fairly.
