Banking Laws 2025 rewrites nomination rules
India’s Finance Ministry said on Thursday that new banking nomination rules will take effect on Nov. 1. The Banking Laws Amendment Act of 2025 allows customers to name up to four people to receive deposit accounts, safe custody items and locker contents after death. Account holders can choose simultaneous or successive nominations for deposits, while safe custody and locker items permit only successive transfers.
The law passed in April amends five pieces of banking legislation. Depositors must allocate percentages totaling 100 among their nominees for clear distribution of assets. Successive nominations activate the next person only after the death of the previous nominee. The government will publish detailed procedures and forms to help banks implement these changes uniformly across the financial system.
