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New Nomination System for Depositors
October 27 , 2025
15 hrs 0 min
25
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- The Banking Laws (Amendment) Act, 2025 was notified on 15th April 2025.
- Sections 10, 11, 12, and 13 of the Act relating to nominations will come into effect from 1st November 2025.
- Depositors can nominate up to four persons for bank accounts, articles in safe custody, and safety lockers.
- Nominations can be made either simultaneously or successively, and the share of each nominee must be clearly specified.
- In successive nominations, the next nominee becomes effective only after the death of the higher nominee.
- The Act aims to strengthen governance, enhance depositor protection, and ensure transparency and efficiency in claim settlements.
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