Govt Notifies New Banking Companies (Nomination) Rules 2025, Effective from November 1
The Ministry of Finance (Department of Revenue) has recently issued an official notification [G.S.R. 790(E)], dated October 27, 2025, informing that the Central Government has made some new rules replacing the existing Banking Companies (Nomination) Rules, 1985 and the Co-operative Banks (Nomination) Rules, 1985.
The Central Government has made these amendments in exercise of its powers granted under section 52, read with sections 45ZA, 45ZC, 45ZE and 56 of the Banking Regulation Act, 1949 (10 of 1949), after conferring with the Central Bank of India, i.e., the Reserve Bank of India (RBI).
The following are the new rules made by the Central Government:
- This updated version of the rules will not be called the Banking Companies (Nomination) Rules, 2025.
- The new Banking Companies (Nomination) Rules, 2025, are scheduled to take effect from November 01, 2025.
- Nomination in respect of deposits: A person (or persons jointly) who has a bank deposit can choose someone (called a nominee) to receive the money in case of their death. The depositor can nominate up to four people. The nomination can be made either successively or all simultaneously.
- The nomination can be done in two ways:
- First, by filling out the Nomination Form attached to the official notification (Below is the Link to Download).
- Second, online (e-nomination), if the bank provides such a digital facility.
- A banking company can allow e-nomination (online nomination) only in the following conditions:
- If it lets the depositor (or all depositors, if there is more than one) nominate up to four people, either successively or all simultaneously;
- If it collects all the required details as mentioned in the nomination form or e-nomination;
- If it makes sure the nomination is properly verified and confirmed, checking the depositor’s identity and details, and
- If it has a system to notify or alert the depositor whenever a nomination is made.
Refer to the official notification for complete information.
