The Finance Ministry is implementing important changes in the banking services sector of the country. The ministry has announced the implementation of new rules under the Banking Laws Act, 2025. These rules will come into effect from November 1, 2025, which will directly impact millions of Indian bank customers. The government has said the new law will give consumers more control over their money and assets. Moreover, banking services have been made more flexible for the customers, which will benefit them and enable them to access the services more easily than before.
Changes starting from November 1
From November 1, you can name up to four people on your deposit. You’ll also have the option to choose how much each person will get, such as 70 percent, 20 percent, and 5 percent for the remaining two people. This will ensure clarity and reduce the possibility of disputes later.
From November 1, only sequential enrollment will be allowed for lockers and bank accounts. This means that the second nominee will be able to use the locker only after the death of the first nominee.
From November 1, you can nominate up to four people for your bank accounts. Earlier, only one or two nominees were allowed. This means you will be able to nominate four people for your bank account. This will simplify the claim process in the future and make it easier for your family to access your money.
What does the Finance Ministry say?
A statement issued by the Finance Ministry said that these new changes will increase transparency in the banking system and simplify the claim process. Moreover, bank depositors will have better control over their deposits.