The month of October is about to end and from the first day of November itself, a big change related to bank accounts (1st November Rule Change) is going to happen in the country. This information has been shared by the Finance Ministry on Thursday. Under the new change, now account holders will be able to make four nominees simultaneously in their bank account. It has been said by the Ministry that this change is being made with the aim of increasing transparency and making it easier in claim settlement in the banking system.
In this way 4 nominees can be selected
According to the Finance Ministry, under the new provisions, bank account holders will be allowed to choose four nominees for their account. These nominees can be selected together or in a sequential manner. In simple words, the account holder can decide as per his wish whether all the nominees get the share together or separately. Consecutive nominee option means that if the first nominee dies, the second nominee, then the third and then the fourth nominee will be able to claim.
According to PTI, this change in the rules related to adding nominees to bank accounts has been made under the Banking Laws (Amendment) Act, 2025. It was notified on April 15, 2025. it reserve Bank of India That is, it introduces 19 amendments in major financial laws including the RBI Act, 1934 and the Banking Regulation Act, 1949.
These changes for nominees in lockers
According to the report, only sequential nomination will be allowed for items kept in lockers or safe deposits. In these cases, the account holder will have complete freedom to choose four nominees and decide their share, which will be 100% in total. To implement the new reforms, the Finance Ministry will soon notify the Banking Companies (Nomination) Rules, 2025.
These changes will also be implemented in the banking sector
Along with the changes in the rule of adding nominees, which will be implemented from November 1, many new rights are also being given to public sector banks. In this, now PSBs will be able to transfer those shares, interest and bond redemption amount to the Investor Education and Protection Fund, which have no claimants.
Apart from this, the substantial interest limit has been increased from Rs 5 lakh to Rs 2 crore for the first time since 1968. The tenure of directors (except chairpersons and whole-time directors) in cooperative banks has been increased from 8 to 10 years.
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