Bank customers can nominate up to four individuals from November 1

Beginning November 1, 2025, bank customers will be able to nominate up to four individuals for their accounts, according to a Finance Ministry statement issued on Thursday.

- OUR CORRESPONDENT

The move follows the implementation of the Banking Laws (Amendment) Act, 2025, which seeks to streamline claim settlements and bring uniformity across the banking system.

The Act, notified on April 15, 2025, introduces 19 amendments across five key legislations the Reserve Bank of India Act, 1934; Banking Regulation Act, 1949; State Bank of India Act, 1955; and the Banking Companies (Acquisition and Transfer of Undertakings) Acts of 1970 and 1980.

Under the new provisions, depositors may nominate up to four persons, either simultaneously or successively, for their bank deposits. They may also define the share or percentage of entitlement for each nominee, ensuring the total adds up to 100 per cent. This is expected to make the process of claim settlement faster and more transparent.