Now Open Bank Account & Safe Deposit Lockers without Nominee: RBI Releases New Directions

The Reserve Bank of India (RBI) issued fresh directions allowing individuals to open bank accounts and access safe deposit lockers even without nominating anyone. The guidelines streamline account-opening procedures and emphasize customer convenience, though banks are encouraged to educate customers about the importance of nomination. The circular aims to enhance financial inclusion, simplify compliance, and promote transparency. It also provides operational guidance to banks regarding handling of unclaimed deposits or locker contents when no nominee is registered.