Starting November 1, multiple nominees will be allowed for bank deposit accounts, lockers

Soon, one can have four nominees for deposit accounts and bank lockers. The government has notified November 1 as the appointed date to bring in key provisions related to the Banking Laws Amendment Act.As on date, only one nominee is permitted for deposit accounts and bank lockers. The provisions being brought into effect from November 1 through Sections 10, 11, 12 and 13 relate to nomination facilities in respect of deposit accounts, articles kept in safe custody, and the contents of safety lockers maintai ...