Finance Ministry Notifies Banking Companies (Nomination) Rules, 2025

The Ministry of Finance (Department of Financial Services) has notified the Banking Companies (Nomination) Rules, 2025, replacing the earlier 1985 rules, effective from 1 November 2025. The new rules allow depositors to nominate up to four individuals for a single account, either simultaneously or in succession. Nomination facilities have been extended to articles kept in safe custody and safety lockers. The rules also permit electronic or digital nominations authenticated via electronic signature, reliable digital authentication under the IT Act, or through secure internet/mobile banking systems. This step modernizes the nomination process, enhances depositor protection, ensures faster claim settlements, and standardizes procedures across banks nationwide, reducing manual paperwork and operational delays.