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Mumbai, Nov 10: The Reserve Bank of India issued the Reserve Bank of India (Nomination Facility in Deposit Accounts, Safe Deposit Lockers and Articles kept in Safe Custody with the Banks) Directions, 2025, effective November 1, 2025, to align banking rules with the newly amended Banking Regulation Act, 1949 and the Banking Companies (Nomination) Rules, 2025.
These Directions apply to all banks, mandating them to offer and publicize the nomination facility for deposit accounts, safe deposit lockers, and safe custody articles to simplify claims settlement upon a customer’s death.
Banks must explicitly inform customers about the facility’s benefits and secure a written declaration from those who choose not to nominate, though this refusal cannot be grounds for denying an account.
Key procedural requirements include recording the nomination status and the nominee’s name on the passbook/statement of account and TDR, acknowledging nomination requests within three working days, and implementing systems to register, cancel, or vary nominations.
The new rules also repeal several older circulars, consolidating the instructions on nomination into a single framework.
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