Mumbai, Oct. 29 -- Ministry of Finance has notified the Banking Companies (Nomination) Rules, 2025 to modernize, simplify, and digitize the nomination process for bank customers in India. These Rules are in supersession of the Banking Companies (Nomination) Rules, 1985 and the Co-operative Banks (Nomination) Rules, 1985. The provisions will come into force on 1-11-2025.

For nomination in respect of deposits, a person (or group of people) who have a bank deposit can name up to 4 individuals as nominees. These nominees can be chosen to receive the deposit either successively or simultaneously. Nomination can be made either in the, Nomination Form, Electronic or digital mode ("e-nomination") in cases where the Banking Company has made such ...