Bank New Rules: New bank rules will come into effect from November 1, which may affect your pocket!

Bank New Rules: This information is crucial for your bank account and locker. Starting November 1st, major changes are underway in bank regulations that will directly impact your wallet and banking facilities.

New banking regulations are coming into effect from November 1, 2025, under which account holders can nominate up to four nominees for their bank accounts. Previously, the limit was two; now, having four nominees will allow individuals to have greater control over their funds and assets. This move aims to make the claim settlement process more transparent, easy, and streamlined.

Provision of Email and Phone Number

According to the new regulations, banks will now be required to record the nominee’s email ID and mobile number. This change is being implemented to protect bank account holders’ funds and ensure quick claim settlement in case of any emergency. This will also increase accountability in the banking system and establish a clear information network.

Purpose of the Rule

Under the Banking Laws (Amendment) Act, 2025, banks will now be allowed to add up to four nominees, and their details, such as email addresses and phone numbers, will also be required. This rule will further the goal of prompt and transparent claim settlement within banks. The Reserve Bank of India has directed that these rules be implemented before 2025.

The new system will provide more options and security.

Bank account holders can now assign their family, friends, or any trusted individual to their deposits. This will facilitate quick resolution of any unauthorized claims or disputes arising in the account. This move is especially helpful for account holders who have multiple bank accounts or who wish to protect their funds.

These rules, which come into effect on November 1, aim to ensure greater transparency, accountability, and security in the banking sector. Customers can now enjoy greater choice, control, and security over their accounts and assets. The ability to add up to four nominees will strengthen their financial planning and reduce the likelihood of future disputes.

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