RBI (Nomination Facility in Deposit Accounts, Safe Deposit Lockers and Articles kept in Safe Custody with the Banks) Directions, 2025

Last updated: 29 October 2025

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The Reserve Bank of India has issued new Directions regarding the nomination facility for deposit accounts, safe deposit lockers, and articles kept in safe custody with banks. These directions, effective from November 1, 2025, align with the amended Banking Regulation Act, 1949, and the Banking Companies (Nomination) Rules, 2025. The aim is to simplify the process for banks to settle claims upon a customer's death, reducing hardship for families. Banks are now required to explicitly inform customers about this facility and offer them the option to nominate, with clear explanations of its benefits.

RBI/2025-26/95DOR.MCS.REC.59/01.01.003/2025-26 October 28, 2025 Reserve Bank of India (Nomination Facility in Deposit Accounts, Safe Deposit Lockers and Articles kept in Safe Custody with the Banks) Directions, 2025 I. Introduction The nomination facility is intended to facilitate expeditious settlement of claims by banks upon death of a deceased customer and to minimise hardship faced by the family members. The Government of India has notified the Banking Laws (Amendment) Act, 2025 which in

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FAQ :

The Reserve Bank of India (Nomination Facility in Deposit Accounts, Safe Deposit Lockers and Articles kept in Safe Custody with the Banks) Directions, 2025, provide updated instructions for banks on offering nomination facilities.

These Directions will come into force on November 1, 2025.

The nomination facility is intended to help banks settle claims quickly after a customer's death, making it easier for their family members.

Yes, banks must offer the nomination facility for deposit accounts, safe deposit lockers, and articles kept in safe custody, and explicitly inform customers about it at the time of account opening.

No, a customer cannot be denied or delayed in opening an account solely because they refuse to make a nomination, provided all other account opening requirements are met.

If a nominee dies before receiving the deposit, that specific nomination becomes ineffective, and the bank will settle the claim according to provisions for accounts without a nominee.

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Notification No : RBI/2025-26/95 DOR.MCS.REC.59/01.01.003/2025-26
Published in Community & General
Source : https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12919&Mode=0#A_N

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