The key provisions relating to Nomination under the Banking Laws (Amendment) Act, 2025 came into effect from 1st November 2025 through Sections 10, 11, 12 and 13 relate to nomination facilities in respect of deposit acco

The key features of the nomination facilities under the Banking Laws (Amendment) Act, 2025 are: Multiple Nominations: Customers may nominate up to four persons, either simultaneously or successively, thereby simplifying claim settlement for depositors and their nominees. Nomination for Deposit Accounts: Depositors may opt for either simultaneous or successive nominations, as per their preference. Nomination for Articles in Safe Custody and Safety Lockers: For such facilities, only successive nominations are permitted. Simultaneous Nomination: Depositors may nominate up to four persons and specify the share or percentage of entitlement for each nominee, ensuring that the total equals 100 percent and enabling transparent distribution amongst all nominees. Successive Nomination: Individuals maintaining deposits, articles in safe custody, or lockers may specify up to four nominees, where the next nominee becomes operative only upon the death of the nominee placed higher, ensuring continuity in settlement and clarity of succession.