Starting November 1, 2025, new banking regulations will allow account holders to nominate up to four nominees for their bank accounts. Earlier, the limit was only two.
This change will give individuals greater control over their money and assets and make the claims settlement process more transparent and easier to manage.
Nominee Contact Details Now Required
As per the new rules, banks must now record each nominee’s email ID and mobile number.
This update aims to protect account holders’ funds and ensure faster claim settlement in emergencies.
It will also enhance accountability and create a secure information network within the banking system.
Objective and Implementation of the Rule
The new provision falls under the Banking Laws (Amendment) Act, 2025, which mandates that banks collect nominee details, including contact information.
The Reserve Bank of India (RBI) has instructed all banks to fully implement these changes before 2025.
The goal is to ensure prompt, transparent, and fair claim settlements across all banks.
More Options and Security for Account Holders
With this system, bank account holders can assign nominees such as family members, friends, or trusted individuals.
This will help resolve any unauthorized claims or disputes more efficiently and offer better financial protection.
The new rules are particularly beneficial for those with multiple bank accounts or those looking to safeguard their funds.
From November 1, customers will enjoy greater transparency, control, and security over their accounts and assets.
Allowing up to four nominees will also help in better financial planning and reduce the risk of future disputes.