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