Bank Nomination Rules 2025: Up to Four Nominees
Why in the news
The Finance Ministry confirmed the nomination, claim-settlement and depositor-protection provisions start on November 1, 2025.
Key facts
- Notified April 15, 2025: 19 amendments to the RBI Act 1934, Banking Regulation Act 1949, SBI Act 1955 and the 1970 and 1980 Bank Nationalisation Acts.
- Nomination sections: 10, 11, 12, 13.
- Up to four nominees – a first in banking law.
Two nomination types
| Type | Working | Use |
|---|---|---|
| Simultaneous | Shares stated, totalling 100% | Accounts and deposits |
| Successive | Ranked order; next takes over automatically | All, and the only type for lockers and safe custody |
Way forward
- Banking Companies (Nomination) Rules, 2025 will standardise forms and procedures.
Exam angle
- Maximum nominees: four.