RBI Directs Banks to Ensure Nominations for Accounts and Lockers
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- By Chetan Kulasri
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- Last Updated on 22 January, 2025
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Circular no. RBI/2024-25/104 Ref.No.DoS.CO.PPG/SEC.13/11.01.005/2024-25; Dated: 17.01.2025
RBI has noticed that nominations are not available in a large number of deposit accounts. The RBI, with an objective to avoid inconvenience and undue hardship to survivors/ family members of deceased depositors, reiterates the need to obtain nomination in case of all customers having deposit accounts, safe custody articles and safety lockers. Further, besides directly notifying the customers, banks are advised to publicise the benefits of using the nomination facility through various media.
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