New Bank Locker and Savings Account Rules Effective from November 1: RBI’s New Guidelines to Benefit Millions of Customers

💼 Major Banking Changes from November 1, 2025

Starting November 1, 2025, several important banking rules are set to change — especially those related to bank lockers and savings accounts. According to the latest Reserve Bank of India (RBI) directives, customers will now have more flexibility and control over their accounts and lockers, including the option to add multiple nominees.

Every new month often brings policy updates, and this time, these rule changes are expected to benefit millions of bank customers across India. Let’s look at what’s new from November 1.

🏦 What Do the New RBI Rules Say?

Under the new RBI guidelines, the nomination facility has been extended to include:

• Deposit accounts

• Safe deposit lockers

• Safe custody articles

All banks — whether private, co-operative, or regional rural banks — must now mandatorily offer a nomination facility to customers.

If a customer chooses not to nominate anyone, they must submit a written declaration confirming their decision. Importantly, banks cannot delay the account opening process if a customer declines to nominate someone.

📜 New Compliance Rules for Banks

According to RBI’s new framework, all banks will now have to follow a strict protocol for nomination handling:

• Banks must acknowledge receipt of the nomination form within three working days.

• The phrase “Nomination Registered” must be clearly mentioned on the passbook or fixed deposit receipt.

• Banks are required to record the nominee’s name accurately in their internal systems.

Additionally, the RBI has directed all banks to run awareness campaigns to educate customers about the importance of adding nominees.

Customers will also be allowed to change or cancel their nominee anytime, provided they give written verification to the bank.

If the bank finds a legal issue or error with a nomination, it must provide written reasons for rejection within three working days.

⚖️ Key Rules for Nominee and Claim Settlement

• In case a nominee passes away, their nomination will automatically become null and void.

• If the account holder dies, the bank must settle claims within 15 days of receiving the claim request.

• Any delay beyond this period will require the bank to compensate the claimant as per RBI’s compensation policy.

💰 Why This Change Matters

These updated rules aim to make the banking system more transparent, customer-friendly, and efficient. The ability to add multiple nominees ensures better financial security for families and helps avoid legal complications in case of the account holder’s death.

Moreover, the strict timelines for banks will make sure claim settlements happen faster, reducing stress for families during critical times.

✅ Key Takeaways

• New rules effective from November 1, 2025

• Customers can now add multiple nominees for savings accounts and lockers

• Banks must process nomination forms within 3 working days

• Customers can change or cancel nominees anytime

• Banks required to resolve death claims within 15 days

• Applies to all banks — private, cooperative, and rural

📅 Final Word

With these new RBI rules coming into force, managing your savings accounts and bank lockers will become easier and safer. It’s a good time to review your existing accounts, update your nominee details, and ensure your loved ones are financially protected.

From November 1, these changes will not only simplify banking processes but also bring greater security and peace of mind for millions of customers across the country.