New Nominee Rules: It is mandatory to have nominee’s name in bank lockers. Due to this, the claim can be settled easily and properly in case of any emergency. Recently, the Finance Ministry announced that it will implement new rules for nominations under the Banking Lockers (Amendment) Act, 2025.
New Nominee Rules: Now customers can make four nominations instead of one. This change will be effective from November 1, 2025. It aims to facilitate claim settlement and reduce disputes related to bank lockers. Earlier many times the account holder forgot to change the nominee after the death of the nominee
New Nominee Rules: In such a situation, if the account holder dies, the family members would have difficulty in getting the money in the bank. Because of this, a long documentation process had to be followed. This would have to wait a long time. But now the new rule relieves this.
New Nominee Rules: How the four nominees will work has also been clarified. Customer can make up to four nominees at once or serially. The depositor can decide who becomes active after which nominee. At the time of claim, the bank recognizes only the nominee who is active at that time.
New Nominee Rules: The same system is applicable in locker and safe custody cases, but with a special condition. For locker, bank allows serial wise nomination only. That is, the next nominee becomes active only when the above nominee is no longer alive. This move was brought to reduce disputes and legal entanglements related to bank lockers. The new rule will benefit the customers a lot. Now depositors are able to decide on multiple nominees while retaining control over their assets. In case of any emergency, it becomes easier for the family to get money or goods.
New Nominee Rules: This has been done to reduce disputes and legal entanglements related to bank lockers. The new rule will be very beneficial for the customers. Now depositors can decide on multiple nominations while retaining control over their assets. It becomes easier for the family to get money or goods in case of any emergency.
Published at : 27 Oct 2025 03:17 PM (IST)
