Banking Companies (Nomination) Rules, 2025 w.e.f. 01 Nov 2025- Nomination or e-Nomination Rules in respect of deposits: Notification dated 27.10.2025
MINISTRY OF FINANCE
(Department of Financial Services)
NOTIFICATION
New Delhi, the 27th October, 2025
G.S.R. 790(E).–––In exercise of the powers conferred by section 52, read with sections 45ZA, 45ZC, 45ZE and 56 of the Banking Regulation Act, 1949 (10 of 1949), after consultation with the Reserve Bank of India, and in supersession of the Banking Companies (Nomination) Rules, 1985 and the Co-operative Banks (Nomination) Rules, 1985, except as respect things done or omitted to be done before such supersession, the Central Government hereby makes the following rules, namely: —
1. Short title and commencement. — (1) These rules may be called the Banking Companies (Nomination) Rules, 2025.
(2) They shall come into force on the 1st day of November, 2025.
2. Nomination in respect of deposits. — (1) The nomination by the depositor, or as the case may be, all the depositors together, in respect of a deposit held by a banking company to the credit of one or more individuals, may be made in favour of one or more individuals, but not exceeding four, either successively or simultaneously.
(2) The nomination shall be made either in, —
(a) the Nomination Form annexed to these rules; or
(b) the electronic or digital mode (“e-nomination”) in case the banking company has made such a facility available.
(3) A banking company can permit e-nomination only, if it, —
(a)
enables the depositor, or as the case may be, all the depositors, to
nominate one or more individuals not exceeding four, either successively
or simultaneously;
(b) obtains all necessary details prescribed in the Nomination Form or e-nomination;
(c) ensures that the nomination is authenticated, validating and confirming the credentials of the depositor; and
(d) has a system of alerting the depositor for all nominations made.
(4) The methods of authentication of nomination shall include, —
(a) electronic signature;
(b) electronic authentication technique that is reliable and specified
in the Second Schedule to the Information Technology Act, 2000; and
(c) internet or Mobile banking application:
Provided that in case of methods (a) and (b) of authentication, a single factor authentication, which validates and confirms the credentials of the depositor making the nomination shall be sufficient, and in case of method (c), a minimum two factor authentication, that validates and confirms the credentials of the depositor making the nomination shall be mandatory.
(5) The nomination shall be made only in respect of deposits which are held in the individual capacity of the depositor and not in any representative capacity as the holder of an office or otherwise.
(6) Where the nominee is a minor, the depositor or, as the case may be, all the depositors together, may, while making the nomination, appoint another individual not being a minor, to receive the amount of the deposit on behalf of the nominee in the event of the death of the depositor or, as the case may be, all the depositors during the minority of the nominee.
(7) In the case of a deposit made in the name of a minor, the nomination shall be made by an individual lawfully entitled to act on behalf of the minor.
(8) The variation or cancellation of the previous nomination or e-nomination made by the depositor or all the depositors together shall be through subsequent nomination or e-nomination.
(9) Every subsequent nomination shall cancel the previous nomination, or vary it, as the case may be.
(10) A nomination, cancellation of nomination or variation of nomination may be made as aforesaid at any time during which the deposit is held by a banking company to the credit of the depositor or depositors, as the case may be.
(11) In the case of a deposit held to the credit of more than one depositor, the cancellation or variation of a nomination shall not be valid unless it is made by all the depositors.
(12) The banking company shall acknowledge in writing or in electronic or digital mode, to the concerned depositor or depositors, the filing of the Nomination Form, or e-nomination and also the fact of cancellation or variation of nomination.
(13) The duly completed Nomination Form or e-nomination or subsequent cancellation or variation of nomination shall be registered in the books of the banking company, either physically or electronically.
(14) A nomination or cancellation of nomination or variation of nomination shall not cease to be in force merely by reason of the renewal of the deposit.
(15) If an individual, or a group of individuals, as the case may be, who has made a nomination in respect of a deposit, desires to have that nomination extended to his or their other accounts in the same banking company, a request may be made to the said effect to the banking company, and once accepted by the banking company, it shall be treated as if a separate nomination has been made for each of those accounts.
(16) If, by mistake or otherwise, a nomination is made in the Nomination Form in favour of more than four individuals, the names of the first four individuals appearing in the order, shall be recognised.
3. Nomination in respect of articles in safe custody. — (1) The nomination to be made by an individual in respect of articles left in safe custody with a banking company shall be in favour of one or more individuals not exceeding four, successively.
(2) Sub-rules (2) to (16) of rule 2 shall apply mutatis mutandis to nominations in respect of articles kept in safe custody.
4. Nomination in respect of safety lockers. — (1) The nomination to be made by an individual or as the case may be, all the individuals together, who hire a locker whether such locker is located in the safe deposit vault of banking company or elsewhere, shall be in favour of one or more individuals not exceeding four, successively.
(2) Sub-rules (2) to (16) of rule 2 shall apply mutatis mutandis to nominations in respect of lockers.
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