Bank Locker New Rules : Every new month brings some changes in rules and regulations. Starting from November 1, new rules regarding bank savings accounts and lockers will come into effect. Now, customers will be able to add more than one nominee for both their savings accounts and bank lockers. Let’s understand what changes the government has introduced.
What the New Rules Say
According to the new RBI guidelines, the nomination facility will apply to deposit accounts, safe deposit lockers, and safe custody articles. Under these rules, all banks — whether private, cooperative, or rural — must provide the option of adding a nominee to their customers.
If a customer does not wish to add a nominee, they can opt out by submitting a written declaration. The RBI has clarified that banks cannot delay the account opening process in such cases.
What Banks Need to Do
Banks will now be required to acknowledge receipt of a nomination form within three working days. The words “Nomination Registered” must be printed on the passbook or fixed deposit receipt. Additionally, banks must record the name of the nominee clearly in their internal systems.
RBI has also instructed banks to run awareness campaigns to educate customers about the importance of having a nominee. Customers can change or cancel their nominee at any time, and the bank must verify and update this information promptly.
If a bank rejects a nominee due to any legal error or discrepancy, it must provide written reasons within three days. In case a nominee passes away, their nomination will automatically stand canceled.
Earlier, the RBI had also directed that in the event of a customer’s death, banks must settle claims within 15 days. If there is a delay beyond this period, banks will be liable to pay compensation to the claimant.
