From the start of November 2025, bank account holders will have to obey new rules. The change of rules will allow the consumers to put their money in a more safe and secure manner. The changes are being made to bring more transparency in the process.
Starting November 1st, several major changes are underway in banking regulations. These will impact people’s banking facilities. The new banking regulations, which will come into effect on November 1st, 2025, allow account holders to nominate up to four people for their bank accounts. Previously, the limit was two. Now, with four nominees, these individuals will gain control over their money and assets.
What will be the changes in rules
The purpose of this system is to make the claim settlement process more transparent as well as smooth and systematic. Under the new rules, banks will now be required to register the nominee’s mobile number and email address. This change will ensure the security of bank account holders’ money and facilitate quick claim settlement in case of any emergency. Under the Banking Laws (Amendment) Act, 2025, banks will now be able to add up to four nominees. Furthermore, their details, including email addresses and mobile phone numbers, will be mandatory. The Reserve Bank of India has directed that these rules be implemented before 2025.
Bank account holders can now entrust their deposits to friends or individuals other than family. This will facilitate quick resolution of any unauthorized claims or disputes arising in connection with the account. This rule is particularly useful for account holders who have multiple bank accounts or who wish to protect their funds. These rules, which will come into effect from November 1, aim to ensure greater transparency, accountability and security in the banking sector.
What will be the benefits
A statement issued by the Finance Ministry stated that these new changes will increase transparency in the banking system and simplify the claims process. Furthermore, bank depositors will have greater control over their deposits.
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