RBI Nominee New Rules 2025
RBI Nominee New Rules 2025: The RBI has made significant changes to nomination rules effective November 1, 2025. Under this rule, customers will now be able to add up to four nominees to their bank accounts, lockers, and safe custody. This new RBI rule aims to simplify the distribution of wealth after the account holder’s death, ensuring a transparent and dispute-free process.
In RBI Nominee New Rules 2025, Bank account holders will now have the flexibility to designate multiple nominees for their accounts, benefiting ordinary customers, senior citizens, and their families. This process has been introduced to streamline banking procedures and simplify customer nominations, making nominations easier, safer, and more convenient.
The objective of the new RBI rule
The RBI nominee new rules 2025, is to ensure that the bank has access to the email ID and phone number of the bank account holder as well as their nominee, so that after the account holder’s death, the deposited money can be distributed among the nominees in a fair and transparent manner. Furthermore, the aim is to reduce unclaimed deposits in banks.
According to the current rule, if a bank account is not operated for 10 years or more, the amount deposited in that account is transferred to the bank’s Depositors Education and Awareness Fund. Now, with this new rule for nominees, the email ID and phone number of all four nominees will be available with the bank, and the bank will be able to easily contact them in the absence of the account holder.
This is the key change of RBI Nominee New Rules 2025
- Under the RBI Nominee Rules 2025, bank account holders can nominate up to four nominees, making it easier to distribute funds among family members after the account holder’s death.
- Priority can be set by the account holder, so that if the first nominee is unavailable, the second, then the third, and then the fourth nominee will be prioritized.
- The passbook and statement will now display the “registered” nomination, along with the nominee’s name.
- Account holders can also select all nominees simultaneously.
- Account holders will be able to decide the percentage of their funds to whom they will be entitled after their death, including assigning a share to their wife, son, or daughter.
- This nomination process will eliminate disputes over the distribution of funds after the account holder’s death and simplify the nomination process.
Online Process
Under RBI nominee new rules 2025, if customers wish to make nominations online through the mobile banking app, they can easily do so. For this, they can visit the official website of their respective bank and login through the mobile banking app. Search for the nominations option. Select the form to add or modify a nominee and enter the number of nominees and their percentage as per their convenience. After completing the nomination process, submit your form and you will receive a digital receipt which you should keep safely. Finally, you will be given a confirmation from the bank which means that your nomination has been successfully done.
