Multiple Nominees Now Permitted for Bank Accounts and Lockers in India From November 2025

Oct 23, 2025 04:49 pm CST

Starting November 1, 2025, Indian banking customers can nominate up to four individuals for their bank accounts, lockers, and safe custody articles under the new Banking Laws (Amendment) Act. This reform aims to simplify claim settlements, enhance transparency, and improve succession planning across the banking system while strengthening overall governance standards in India's financial sector.