Starting November 1, 2025, India’s banking system is set to witness a small but significant change that could make a big difference to millions of account holders. Under the newly amended Banking Laws (Amendment) Act, 2025, customers can now nominate up to four people for their bank accounts, lockers, and articles kept in safe custody.
Until now, most banks allowed only a single nominee — which often created complications for families after the account holder’s death. With this reform, people will have more flexibility and peace of mind when managing their life’s savings.
The new rules introduce two options:
- Simultaneous nomination, where you can name multiple nominees at once and decide what percentage each person should get. For example, you can assign 50% to your spouse and 25% each to your two children.
- Successive nomination, where you decide the order in which nominees will inherit. For instance, if your first nominee passes away, the second one automatically becomes entitled to the funds.
However, there’s one difference: for lockers and safe-custody items, only successive nomination is allowed — meaning one nominee after another.
This reform aims to make banking more transparent, efficient, and fair. Families will no longer have to struggle through long claim-settlement processes or deal with confusion about who is entitled to what.
Banks across the country will soon roll out new forms for nomination changes. If you already have a bank account or locker, it’s a good idea to visit your branch and update your details. You can decide who your nominees will be and how your assets should be shared — clearly, fairly, and legally.
In short, this change is not just about numbers or forms — it’s about giving people more control over what happens to their hard-earned money. Starting this November, banking becomes a little more personal, and a lot more secure.