{"id":365023,"date":"2025-10-28T18:00:03","date_gmt":"2025-10-28T12:30:03","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=365023"},"modified":"2025-10-28T19:02:40","modified_gmt":"2025-10-28T13:32:40","slug":"banking-companies-nomination-rules-2025-legal-news","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2025\/10\/28\/banking-companies-nomination-rules-2025-legal-news\/","title":{"rendered":"Banking Companies (Nomination) Rules, 2025: Key Highlights, E-Nomination Process &amp; New Guidelines"},"content":{"rendered":"<div style=\"text-align: justify; line-height: 150%;\">\n<p style=\"margin-bottom: 3%;\">On 27-10-2025, the <span style=\"font-weight: bold;\">Ministry of Finance<\/span> notified the <span style=\"font-weight: bold;\">Banking Companies (Nomination) Rules, 2025<\/span> to modernize, simplify, and digitize the nomination process for bank customers in India. These Rules are in <span style=\"font-weight: bold;\">supersession<\/span> of the <a href=\"http:\/\/www.scconline.com\/DocumentLink\/sZL169BG\" target=\"_blank\"><span class=\"Hyperlink\" style=\"font-weight: bold;\">Banking Companies (Nomination) Rules, 1985<\/span><\/a> and the <span style=\"font-weight: bold;\"><a href=\"http:\/\/www.scconline.com\/DocumentLink\/uD1CSqUV\" target=\"_blank\">Co-operative Banks (Nomination) Rules, 1985<\/a><\/span>. The provisions will come into force on 1-11-2025.<\/p>\n<h3>Key Points:<\/h3>\n<ol style=\"list-style-type: decimal;\">\n<li>\n<p style=\"font-weight: bold;\">Nomination in respect of deposits:<\/p>\n<ul style=\"list-style-type: disc;\">\n<li>\n<p>A person (or group of people) who have a bank deposit can name up to 4 individuals as nominees.<\/p>\n<\/li>\n<li>\n<p>These nominees can be chosen to receive the deposit either <span style=\"font-weight: bold;\">successively or simultaneously<\/span>.<\/p>\n<\/li>\n<li>\n<p><span style=\"font-weight: bold;\">Nomination can be made<\/span> either in the:<\/p>\n<p style=\"margin-left: 36pt; text-indent: -18pt;\">&#10003; Nomination Form;<\/p>\n<p style=\"margin-left: 36pt; text-indent: -18pt;\">&#10003; Electronic or digital mode (&#8220;e-nomination&#8221;) in cases where the Banking Company has made such facility available.<\/p>\n<\/li>\n<li>\n<p><span style=\"font-weight: bold;\">E-nomination will be permitted<\/span> in the following cases only:<\/p>\n<p style=\"margin-left: 36pt; text-indent: -18pt;\">&#10003; If it enables the depositor\/ all the depositors to nominate 1 or more individuals not exceeding 4, either successively or simultaneously.<\/p>\n<p style=\"margin-left: 36pt; text-indent: -18pt;\">&#10003; If it obtains all necessary details prescribed in the Nomination Form or e-nomination;<\/p>\n<p style=\"margin-left: 36pt; text-indent: -18pt;\">&#10003; If it ensures that the nomination is authenticated, validating and confirming the credentials of the depositor;<\/p>\n<p style=\"margin-left: 36pt; text-indent: -18pt;\">&#10003; has a system of alerting the depositor for all nominations made.<\/p>\n<\/li>\n<li>\n<p><span style=\"font-weight: bold;\">Methods of authentication of nomination<\/span>:<\/p>\n<p style=\"margin-left: 36pt; text-indent: -18pt;\">&#10003; Electronic signature;<\/p>\n<p style=\"margin-left: 36pt; text-indent: -18pt;\">&#10003; Reliable electronic authentication technique which is specified in the Second Schedule to the <a href=\"http:\/\/www.scconline.com\/DocumentLink\/QFpg4Fi0\" target=\"_blank\"><span class=\"Hyperlink\" style=\"font-weight: bold;\">Information Technology Act, 2000<\/span><\/a>;<\/p>\n<p style=\"margin-left: 36pt; text-indent: -18pt;\">&#10003; Internet or Mobile banking application.<\/p>\n<\/li>\n<li>\n<p>Nominations can be made only for <span style=\"font-weight: bold;\">deposits held in the personal name<\/span>, and not for those held as representatives.<\/p>\n<\/li>\n<li>\n<p>In case the <span style=\"font-weight: bold;\">nominee is a minor<\/span>&#8211; the depositor can also name an adult to receive the deposit on the minor&#8217;s behalf in case the depositor\/ depositors passes away while the nominee is still a minor.<\/p>\n<\/li>\n<li>\n<p><span style=\"font-weight: bold;\">Subsequent nominations<\/span> will cancel the previous nominations.<\/p>\n<\/li>\n<li>\n<p>If a <span style=\"font-weight: bold;\">deposit is held by more than 1 person<\/span>, then all of them have to agree to cancel or change the nominations.<\/p>\n<\/li>\n<\/ul>\n<\/li>\n<li>\n<p><span style=\"font-weight: bold;\">Nomination in respect of articles in safe custody<\/span> can be made in favor of 1 or more individuals but not exceeding 4.<\/p>\n<\/li>\n<li>\n<p><span style=\"font-weight: bold;\">Nomination in respect of safety lockers:<\/span><\/p>\n<p>If 1 or more individuals rent a locker, whether inside the safe deposit value of banking company or elsewhere, they can nominate up to 4 people, but only in a specific order (<span style=\"font-weight: bold;\">successively).<\/span><\/p>\n<\/li>\n<\/ol>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p style=\"font-style: italic;\">A fresh wave of modernization to how bank customers in India manage nominations.<\/p>\n","protected":false},"author":67515,"featured_media":365044,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,15],"tags":[43801,91551,91550,91552,42709,2824],"class_list":["post-365023","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislationupdates","category-rules_regulations","tag-banking-companies","tag-banking-companies-nomination-rules-1985","tag-banking-companies-nomination-rules-2025","tag-co-operative-banks-nomination-rules-1985","tag-information-technology-act-2000","tag-Ministry_of_Finance"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.4 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Banking Companies (Nomination) Rules, 2025 | SCC Times<\/title>\n<meta name=\"description\" content=\"Discover the key highlights of the Banking Companies (Nomination) Rules, 2025 effective from November 1. 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