Now, bank customers can have 4 nominees

New Delhi: 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.

The 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 five legislations- the Reserve Bank of India Act-1934, Banking Regulation Act, 1949, State Bank of India Act, 1955 and Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 and 1980. As per the amendments, it said, customers may nominate up to four persons, either simultaneously or successively, thereby simplifying claim settlement for depositors and their nominees. Depositors may opt for either simultaneous or successive nomina-tions, as per their preference, it said. With regard to nomination for articles in safe custody and safety lockers, it said, only successive nominations are permitted.