{"id":1301830,"date":"2025-10-27T09:27:03","date_gmt":"2025-10-27T03:57:03","guid":{"rendered":"https:\/\/trak.in\/stories\/?p=1301830"},"modified":"2025-10-27T09:27:32","modified_gmt":"2025-10-27T03:57:32","slug":"upto-4-nominees-can-be-now-added-for-deposits-lockers-under-new-banking-rules","status":"publish","type":"post","link":"https:\/\/trak.in\/stories\/upto-4-nominees-can-be-now-added-for-deposits-lockers-under-new-banking-rules\/","title":{"rendered":"Upto 4 Nominees Can Be Now Added For Deposits, Lockers Under New Banking Rules"},"content":{"rendered":"\n<p>The Central Government has announced that from <strong>November 1, 2025<\/strong>, Sections <strong>10, 11, 12, and 13<\/strong> of the Banking Laws Act, 2025, will come into effect. These provisions will apply to <strong>deposit accounts, lockers, and custody items<\/strong>, with a focus on simplifying and streamlining the <strong>nomination and transfer process<\/strong> after a depositor\u2019s demise.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"680\" src=\"https:\/\/trak.in\/stories\/wp-content\/uploads\/2025\/10\/Screenshot-2025-10-27-at-9.26.23-AM-1024x680.png\" alt=\"\" class=\"wp-image-1301837\" srcset=\"https:\/\/trak.in\/stories\/wp-content\/uploads\/2025\/10\/Screenshot-2025-10-27-at-9.26.23-AM-1024x680.png 1024w, https:\/\/trak.in\/stories\/wp-content\/uploads\/2025\/10\/Screenshot-2025-10-27-at-9.26.23-AM-300x199.png 300w, https:\/\/trak.in\/stories\/wp-content\/uploads\/2025\/10\/Screenshot-2025-10-27-at-9.26.23-AM-768x510.png 768w, https:\/\/trak.in\/stories\/wp-content\/uploads\/2025\/10\/Screenshot-2025-10-27-at-9.26.23-AM-1536x1020.png 1536w, https:\/\/trak.in\/stories\/wp-content\/uploads\/2025\/10\/Screenshot-2025-10-27-at-9.26.23-AM-2048x1359.png 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>This reform addresses long-standing challenges faced by families of deceased account holders and brings more structure and transparency to banking procedures.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h3 class=\"wp-block-heading\">Up to Four Nominees Allowed for Deposits<\/h3>\n\n\n\n<p>Under the new rules, customers can nominate <strong>up to four individuals<\/strong> for their deposit accounts\u2014either <strong>simultaneously or successively<\/strong>.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>In <strong>simultaneous nominations<\/strong>, all nominees can receive equal or pre-specified shares of the total assets.<\/li>\n\n\n\n<li>In <strong>successive nominations<\/strong>, if the first nominee passes away, the next nominee automatically inherits the full share.<\/li>\n<\/ul>\n\n\n\n<p>This change gives depositors greater flexibility in managing how their funds are distributed.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h3 class=\"wp-block-heading\">Locker Nominations To Follow Successive Pattern<\/h3>\n\n\n\n<p>For lockers and items in safe custody, <strong>only successive nominations<\/strong> will be permitted. This ensures a <strong>clear succession chain<\/strong>, reducing disputes or overlapping claims among heirs. The measure aims to prevent legal complications and bring <strong>uniformity and fairness<\/strong> to how locker contents are transferred.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h3 class=\"wp-block-heading\">New Rules Ensure Transparency and Reduced Disputes<\/h3>\n\n\n\n<p>The government clarified that the <strong>Banking Companies Rules, 2025<\/strong>, will soon provide detailed procedures and forms for making or updating nominations. This update encourages depositors to review their current nominations and align them with their present <strong>family and financial situations<\/strong>.<\/p>\n\n\n\n<p>By allowing multiple nominees, the law ensures that <strong>assets are distributed fairly<\/strong>, according to a customer\u2019s wishes, minimizing future conflicts and administrative delays.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h3 class=\"wp-block-heading\">Broader Banking Reforms in Motion<\/h3>\n\n\n\n<p>The Banking Laws Act, 2025, includes <strong>19 amendments<\/strong> to major financial laws such as the <strong>RBI Act<\/strong>, <strong>Banking Regulation Act<\/strong>, and <strong>State Bank of India Act<\/strong>. The November rollout is part of the government\u2019s broader initiative to make India\u2019s banking ecosystem more <strong>transparent, efficient, and customer-centric<\/strong>.<\/p>\n\n\n\n<p><a href=\"https:\/\/www.livemint.com\/money\/personal-finance\/govt-to-allow-upto-four-nominees-in-deposit-locker-accounts-in-a-bid-to-bring-unclaimed-deposits-down-11723298534630.html\">Image Source<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Central Government has announced that from November 1, 2025, Sections 10, 11, 12, and 13 of the Banking Laws Act, 2025, will come into effect. These provisions will apply to deposit accounts, lockers, and custody items, with a focus on simplifying and streamlining the nomination and transfer process after a depositor\u2019s demise. This reform [&hellip;]<\/p>\n","protected":false},"author":30,"featured_media":1301837,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[8878,8877],"class_list":["post-1301830","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-deposits","tag-lockers"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Upto 4 Nominees Can Be Now Added For Deposits, Lockers Under New Banking Rules - Trak.in - Indian Business of Tech, Mobile &amp; Startups<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/trak.in\/stories\/upto-4-nominees-can-be-now-added-for-deposits-lockers-under-new-banking-rules\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Upto 4 Nominees Can Be Now Added For Deposits, Lockers Under New Banking Rules - Trak.in - Indian Business of Tech, Mobile &amp; Startups\" \/>\n<meta property=\"og:description\" content=\"The Central Government has announced that from November 1, 2025, Sections 10, 11, 12, and 13 of the Banking Laws Act, 2025, will come into effect. These provisions will apply to deposit accounts, lockers, and custody items, with a focus on simplifying and streamlining the nomination and transfer process after a depositor\u2019s demise. This reform [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/trak.in\/stories\/upto-4-nominees-can-be-now-added-for-deposits-lockers-under-new-banking-rules\/\" \/>\n<meta property=\"og:site_name\" content=\"Trak.in - Indian Business of Tech, Mobile &amp; Startups\" \/>\n<meta property=\"article:published_time\" content=\"2025-10-27T03:57:03+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-10-27T03:57:32+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/trak.in\/stories\/wp-content\/uploads\/2025\/10\/Screenshot-2025-10-27-at-9.26.23-AM-1024x680.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"680\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Mohul Ghosh\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Mohul Ghosh\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/trak.in\/stories\/upto-4-nominees-can-be-now-added-for-deposits-lockers-under-new-banking-rules\/\",\"url\":\"https:\/\/trak.in\/stories\/upto-4-nominees-can-be-now-added-for-deposits-lockers-under-new-banking-rules\/\",\"name\":\"Upto 4 Nominees Can Be Now Added For Deposits, Lockers Under New Banking Rules - Trak.in - Indian Business of Tech, Mobile &amp; 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