Locker accounts will allow up to four nominees

The government move aims to simplify claims settlement for depositors and their nominees

- Subhash Narayan

Starting next month, you'll be able to have as many as four nominees for your bank accounts and lockers, as against just one now. On Thursday, the government said some key provisions of the Banking Laws (Amendment) Act, 2025, including changes to nomination norms, will come into effect 1 November.

The government had earlier notified that sections 10, 11, 12 and 13 of the Act would come into force from next month. These include rules related to nominees for deposit accounts, articles kept in safe custody, and the contents of bank lockers.