The Reserve Bank of India has issued the Nomination Facility in Deposit Accounts, Safe Deposit Lockers and Articles kept in Safe Custody with Banks Directions, 2025, effective November 1, 2025, aligning with amendments to the Banking Regulation Act, 1949 and the Banking Companies (Nomination) Rules, 2025.
Banks must offer and explain the nomination facility to customers for deposits, lockers, and safe custody articles, while ensuring account opening is not denied if a customer declines nomination. Proper systems must be in place for registration, modification, or cancellation of nominations with acknowledgment within three working days. The nominee’s name and status should be printed on account documents, and banks must conduct awareness campaigns to educate customers about the benefits of nomination.
Link – https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12919&Mode=0
