Big news related to your bank account and locker! RBI changed the rules of nominee

Have you ever wondered what would happen to the money deposited in your bank account or valuables kept in your locker, if God forbid, something happens to you? Will your family be able to get it easily or will they face difficulties? To address this concern, the Reserve Bank of India (RBI) has made some new and important rules regarding nomination.

These new rules will come into effect from November 1, 2025 and will have a direct impact on you and us. Come, let us understand it in simple language.

Now the bank will have more responsibility

Till now, it used to happen many times that the issue of nomination was either not asked while opening the account or the customers used to postpone it. But this will not happen now.

• The bank must ask: RBI has clarified that it is mandatory for all banks (government, private and rural banks) to provide the facility to the customer to make nominee while opening the account.
• Cannot postpone account opening: If you do not want to make a nominee, then you will have to give this information in writing. But, because of this the bank cannot delay opening your account.

What is the biggest benefit for you?

These new rules of RBI give more power and convenience to the customers.

1. You will get a confirmed receipt: Whenever you submit the nomination form, the bank will have to give you a receipt within three days. Also, on receipt of your passbook or FD ‘Nomination Registered’ (Nomination registered) will be stamped. With this you will have solid proof.
2. It will be easy to change: Now you can register your nominee’s name, change it or even cancel it whenever you want. The bank will inform you in writing about every change.
3. Reason to be given to the bank: If for any reason the bank rejects your nomination application, it will have to tell you the reason in writing within three days.

An important rule you should know

Suppose, there is more than one nominee in an account and one of them dies before receiving the money, then the name of that deceased nominee will automatically be considered cancelled. This rule is to further simplify the process.

This move by RBI will ensure that after the death of the account holder, his family does not have to visit offices to get the money. If the nominee’s name is in the account, then the bank will have to pay the money directly to the nominee within 15 days.