Skip to content
Free updates Login
BankingNABARD / RBI

RBI plans nominee email and phone fields in bank nomination forms

15 May 20251 min read
BANKING & FINANCERBI plans nomineeemail and phonefields in banknomination forms15 May 2025safalsetu.com

Why in the news

The RBI wants nominee contact details on bank forms to curb unclaimed deposits.

Key facts

  • In April 2025 banks were asked for views on adding nominee email and mobile fields; the government’s view is awaited.
  • Current forms for deposits, lockers and safe custody lack contact fields.
  • Banks may already pay nominees without a succession certificate.

Legal backdrop

  • The 2024 Bill amends sections 45ZA, 45ZC, 45ZE of the Banking Regulation Act.

Exam angle

  • Deposits dormant 10+ years go to the DEA Fund.
  • Rules to amend: Nomination Rules, 1985.

Test yourself

1. Under the Banking Laws (Amendment) Bill, 2024, how many nominees can a bank account have?

The Bill allows up to four nominees per bank account.

2. Deposits inactive for 10 or more years are moved to which RBI fund?

Dormant deposits of 10+ years go to the RBI's Depositor Education and Awareness (DEA) Fund.

3. Which rules must be amended to add nominee email and phone number to bank nomination forms?

The form format sits under the Banking Companies (Nomination) Rules, 1985.

This topic is part of Daily Current Affairs 15 May 2025 (19 topics).

All topics of the dayDay quizMay 2025

Read more