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New rules for bank nomination to take effect November
Orissa POST
|October 24, 2025
Beginning next month, a bank customer can opt for up to four nominees in her or his account with a view to ensure uniformity, and efficiency in claim settlement across the banking system.
The key provisions relating to Nomination under the Banking Laws (Amendment) Act, 2025 will come into effect from November 1, 2025, a finance ministry statement said Thursday.
The Banking Laws (Amendment) Act, 2025 was notified on April 15, 2025. It contains a total of 19 amendments across five legislations, the Reserve Bank of India Act, 1934, Banking Regulation Act, 1949, State Bank of India Act, 1955 and Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 and 1980.
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