Beginning next month, a bank customer can opt for up to four nominees in her or his account with a view to ensure uniformity, and efficiency in claim settlement across the banking system.Photograph: Ajay Verma/ReutersThe key provisions relating to Nomination under the Banking Laws (Amendment) Act, 2025 will come into effect from November 1, 2025, a finance ministry statement said on Thursday.The Banking Laws (Amendment) Act, 2025 was notified on April 15, 2025. It contains a total of 19 amendments across fi ...

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 ...