New Banking Law Allows Up To 4 Nominees In Bank Accounts Starting November 1, 2025: Complete Guide

Oct 23, 2025 07:09 pm CST

Starting November 1, 2025, Indian bank customers can designate up to four nominees for their accounts under the new Banking Laws (Amendment) Act 2025. This significant reform aims to streamline claim settlements, provide flexibility in nomination arrangements, and enhance transparency across the banking system. The amendment includes provisions for both simultaneous and successive nominations, detailed share specifications, and improved governance standards for public and cooperative banks.