Archive · 28 Oct 2025
RBI Issues New Rules for Bank Account and Locker Nominations
Imagine you have a bank account, a safe where you keep special things, or other items at the bank.
The Reserve Bank of India (RBI) has made new rules about who should get these things if something happens to you.
Now, all banks must offer a way for you to choose someone (a nominee) to receive your money or belongings.
You can also decide not to choose anyone if you prefer.
Banks have to make sure your choice is recorded properly, like putting a note on your bank book.
They also need to tell you that they got your nomination papers quickly.
If they can't accept your nomination for a good reason, they have to tell you why.
These new rules are to make things fair and clear for everyone.
RBI has issued new comprehensive norms for nomination facilities in bank accounts, lockers, and safe custody items.
The new guidelines, effective November 1, 2025, apply to all banks, including cooperative and rural banks.
Banks must offer nomination facilities, but customers can opt out via written declaration.
Banks are required to acknowledge nomination forms within three working days and record nominee names in account records.
The RBI aims to enhance transparency and streamline the process for settling claims upon a depositor's death.
- Who
- The Reserve Bank of India (RBI)
- What
- Issued new comprehensive norms governing nomination facilities in bank accounts, safe deposit lockers, and articles held in safe custody.
- When
- Tuesday, with new guidelines effective from November 1, 2025.
- Where
- Across all banks in India, including cooperative and rural banks.
- Why
- To provide clearer guidelines for nomination facilities and enhance transparency for customers, following earlier revisions to claim settlement norms for deceased customers.
- Issuing Authority
- Reserve Bank of India (RBI)
- Effective Date
- November 1, 2025
- Scope
- All banks, including cooperative and rural banks
- Requirements
- Offer nomination for deposits, lockers, and safe custody items; acknowledge nomination forms within 3 working days; record nominee names in account records.
- Customer Options
- Choose to opt out of nomination via written declaration; register, cancel, or modify nominations.