Starting November 1, 2025, the Reserve Bank of India (RBI) will introduce new rules that give bank customers more flexibility and safety when managing their deposits and accounts. The key change allows account holders to appoint up to four nominees for their bank accounts, deposits, and lockers.
This update aims to make the nomination and claim process easier, faster, and more transparent for customers and their families.
Why RBI Introduced New Banking Rules
The RBI’s new rules are designed to reduce the number of unclaimed deposits in banks and make it simpler for families to access funds after the account holder’s death.
Over ₹42,000 crore currently remains unclaimed in Indian banks because of missing nominee information or outdated customer contact details. The new framework ensures that funds reach the rightful nominees without long delays or legal complications.
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Key Features of the New Rules Effective November 1, 2025
These new rules apply to all types of banks: public, private, cooperative, and regional rural banks. They make the nomination process consistent across all institutions.
1. Up to Four Nominees Allowed for Bank Accounts and Lockers
This rule gives account holders the freedom to name up to four nominees for their bank accounts, deposits, and lockers.
Earlier, only one nominee was permitted, which often caused confusion and legal issues among family members. Now, depositors can split the total amount among multiple nominees by assigning percentage shares.
Example: You can assign 40% to your spouse, 30% to your child, 20% to a parent, and 10% to a sibling.
Benefits:
- Clear and fair asset distribution
- Faster and simpler claim settlements
- Reduced disputes among heirs
2. Mandatory Contact Details for All Depositors
To make communication and claim settlements easier, the RBI now requires all customers to provide updated mobile numbers and email addresses to their banks.
This helps banks contact customers for:
- Claim processing or fund transfers
- Nomination updates
- Notifications about unclaimed deposits
It is important for customers to keep these details current to avoid issues while claiming funds or verifying account ownership.
3. Uniform Nomination Rules Across All Banks
The new rules bring uniformity across the banking system. Regardless of whether you have an account in a public sector bank, private bank, or regional rural bank, the same nomination standards will apply.
This includes:
- Savings and current accounts
- Fixed and recurring deposits
- Lockers and safe custody services
This standardization makes it easier for customers who hold multiple accounts across different banks.
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4. Streamlined Claim Settlement Process
The new framework makes the claim process faster and easier for nominees.
Banks must now settle verified claims within 15 working days after receiving the necessary documents. In addition, if there are multiple nominees, banks can distribute funds to all of them at once, based on the percentage share allocated.
This change helps families avoid long waiting periods and unnecessary paperwork.
5. Linkage with the RBI’s UDGAM Portal for Unclaimed Deposits
The RBI’s UDGAM (Unclaimed Deposits Gateway to Access Information) portal helps users track and claim inactive or forgotten deposits across different banks.
With the new rules, banks must link nominee and contact details to the UDGAM portal. This will make it easier for legitimate beneficiaries to find and claim funds from dormant accounts.
Benefits:
- Transparency in unclaimed deposits
- Easy online tracking of old accounts
- Reduced chances of fraud
Suggested Read: No Prepayment Charges on Floating Rate Loans
Benefits of the New RBI Banking Rules
The updated rules offer several benefits to customers and their families.
- Simpler estate planning: Multiple nominees allow for balanced asset distribution.
- Faster claim settlements: Claims must be processed within 15 days.
- Reduced unclaimed deposits: Updated nominee details keep funds traceable.
- Equal protection: All banks now follow the same nomination standards.
- Digital convenience: Customers can update nominations easily through online banking.
How to Add or Update Nominees in Your Bank Account
The RBI has made it simple for customers to add or update nominee details. You can do this online or by visiting your bank branch.
Online Method to Add Nominees to Your Bank Account
- Log in to your bank’s internet or mobile banking account.
- Go to Account Services and click on Nominee Details.
- Add up to four nominees and assign percentage shares.
- Confirm through an OTP or email verification.
- Save and download your updated nomination record.
Offline Method to Add Nominees to Your Bank Account
- Visit your nearest bank branch.
- Fill out Form DA-1 (Nomination Form).
- Submit identification and account details.
- Collect the acknowledgment slip after submission.
Keeping a copy of your nomination form is always recommended for your records.
What You Should Do as a Bank Customer
Here are some practical steps you should take to follow the new rules:
- Ensure your mobile number and email ID are updated with your bank.
- Add or confirm nominee details for all your accounts and deposits.
- Keep your KYC information (like Aadhaar and PAN) current.
- Review and update nominations every year.
- Inform your family about your deposits and nominee records.
These small steps can make a big difference in protecting your savings and making them accessible when needed.
Impact on Depositors and the Banking System
The RBI’s new rules will make India’s banking system more efficient and customer-friendly. They are expected to:
- Protect depositor rights.
- Improve the claim settlement system.
- Reduce unclaimed funds in banks.
- Promote digital transparency and accountability.
This reform ensures that banking becomes more reliable, accessible, and secure for every depositor.
Suggested Read: RBI Guidelines on Personal Loan and Digital Lending
Conclusion
The new RBI banking rules effective November 1, 2025, bring major improvements to how deposits and nominees are managed. Customers can now add multiple nominees, keep their contact details updated, and expect faster and fairer claim settlements.
These changes will make it easier for families to access funds and reduce unclaimed deposits across the country. By following these simple steps and staying updated, you can ensure your money remains secure, traceable, and easily accessible to your loved ones.
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