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Corporate Laws Central Ministry of Finance Banking (Regulation) Act, 1949

RBI issues RBI (Nomination Facility in Deposit Accounts, Safe Deposit Lockers and Articles kept in Safe Custody with the Banks) Directions, 2025

28-Oct-2025 | RBI/2025-2026/95 DOR.MCS.REC.59/01.01.003/2025-26

RBI has issued RBI (Nomination Facility in Deposit Accounts, Safe Deposit Lockers and Articles kept in Safe Custody with the Banks) Directions, 2025 with effect from 01st November 2025. Key Highlights of the Directions are as follows: 1. Applicability - These rules apply to all banks (including co-operative and regional rural banks) and cover deposit accounts, safe deposit lockers, and articles kept in safe custody. 2. Mandatory Offering of Nomination Facility - Banks must offer the nomination facility to every customer opening a deposit account or locker. 3. Customer?s Right to Refuse - Customers can choose not to make a nomination. If they refuse, the bank must: a. Obtain a written declaration confirming refusal, or b. Record the refusal in account-opening documents. c. The bank cannot deny or delay account opening for lack of nomination. 4. Nomination Handling and Records - Banks must have systems to register, cancel, or modify nominations and provide a written acknowledgement within three working days of receiving the request. 5. Customer Awareness - Banks must educate customers on the benefits of nomination by: a. Displaying messages in cheque books, passbooks, etc. b. Running periodic awareness campaigns and ensuring all account-opening forms include a space for nomination details. For more information, please refer to the attached document.

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