Bank Account Rule Change: These important rules for bank accounts have changed, new changes have come into effect.

The Finance Ministry had said in a statement on October 23 last month that the new system will come into effect from November 1, 2025.

Bank Account Rule Change: This is big news for millions of common people across the country. This news is relevant to all of you because it directly relates to your bank account. Effective today, November 1st, a key rule related to bank accounts has changed. From November 1st, 2025, bank customers will be able to nominate up to four individuals for their account. Furthermore, they can also specify the share allocated to each nominee. This new rule aims to make the claim settlement process in the banking system more transparent, equitable, and effective.

New System Implemented Today

The Finance Ministry, in a statement on October 23rd last month, stated that the new system would come into effect on November 1st, 2025. The ministry added that key provisions related to the nomination of individuals in bank accounts under the Banking Laws (Amendment) Act, 2025, will come into effect on November 1st. It should be noted that this Act was notified on April 15th, 2025. Under this, a total of 19 amendments have been made in five laws including the Reserve Bank of India Act, 1934; Banking Regulation Act, 1949; State Bank of India Act, 1955 and Banking Companies (Acquisition and Transfer of Undertakings) Acts, 1970 and 1980.

A maximum of four individuals can be nominated.

According to the Finance Ministry, these amendments allow bank customers to nominate up to four individuals simultaneously or sequentially for their accounts. This will facilitate claim settlement for account holders or their legal heirs. The ministry stated, “To bring transparency to the account nomination process, customers will also be able to specify the share or percentage of each nominee, ensuring a 100 percent share and eliminating any potential disputes.”

Separate Rules for Bank Lockers

Only sequential nomination is permitted for bank safes and lockers. This means that upon the demise of one nominee, the next nominee will acquire the rights. The ministry stated, “These provisions will provide flexibility to bank depositors to nominate nominees of their choice.” The government had earlier said in a notification issued on July 29, 2025 that certain sections of the Act (sections 3, 4, 5, 15, 16, 17, 18, 19 and 20) had come into effect from August 1.

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