Banking Laws Amendment Allows Up to Four Nominees From Nov 1, 2025

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  • Last Updated on 25 October, 2025

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Banking Laws Amendment Act 2025

The Ministry of Finance has notified that the provisions relating to nominations under the Banking Laws (Amendment) Act, 2025 will come into effect from 1 November 2025.

Key Highlights

  • Multiple Nominations Permitted –Bank customers can now nominate up to four persons for their deposit accounts, as well as for articles kept in safe custody or lockers.
  • Simultaneous or Successive Nominations:
    1. Simultaneous nominations allow customers to specify the share of entitlement among nominees, ensuring the total adds up to 100%.
    2. Successive nominations ensure continuity of entitlement in cases where a nominee predeceases the account holder or cannot claim the benefit.

This amendment enhances flexibility and succession clarity in managing banking nominations, simplifying the process for depositors and ensuring smoother transmission of assets.

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Author: Taxmann

Taxmann Publications has a dedicated in-house Research & Editorial Team. This team consists of a team of Chartered Accountants, Company Secretaries, and Lawyers. This team works under the guidance and supervision of editor-in-chief Mr Rakesh Bhargava.

The Research and Editorial Team is responsible for developing reliable and accurate content for the readers. The team follows the six-sigma approach to achieve the benchmark of zero error in its publications and research platforms. The team ensures that the following publication guidelines are thoroughly followed while developing the content:

  • The statutory material is obtained only from the authorized and reliable sources
  • All the latest developments in the judicial and legislative fields are covered
  • Prepare the analytical write-ups on current, controversial, and important issues to help the readers to understand the concept and its implications
  • Every content published by Taxmann is complete, accurate and lucid
  • All evidence-based statements are supported with proper reference to Section, Circular No., Notification No. or citations
  • The golden rules of grammar, style and consistency are thoroughly followed
  • Font and size that's easy to read and remain consistent across all imprint and digital publications are applied