Effective from 1st November 2025, the Reserve Bank of India (RBI) has been executing various amendments under the act called banking laws (amendment) 2025. These rules were put into place to simplify the management of accounts, enhance transparency, and make a more customer-friendly kind of banking. These statutory provis- ions would apply to holders of savings accounts, lockers, and safe custody who might be themselves affected.
More Than One Nominee Can Be Allowed in Accounts and Lockers
A customer can now have up to four nominees in a single account, a single locker, or a single safe custody. Formerly, the regulation was that there should have been a single nominee for an account. This regulation has now made sure that in case the account holder dies, their families may have access to the funds and valuables very simply through minimizing any legal complications and delays.
Easy Nomination Process
The RBI has deployed a uniform procedure for nomination across all banks. Now customers can apply or modify nominees in banks and online with minimal forms to fill. Through a single directive instead of over 30 old circulars, clarity and consistency in nomination handling were achieved. Seniority customers and those from the rural sectors are most suited by this practice, as they face many troubles in preparing documents.
Changes in Payment Charges
Few banks and card issuers will be updating their fee structures starting November. For example, if a customer pays out an educational payment over an amount of ₹1,000 through third-party applications and top-ups made in the wallet, a 1% fee is imposed. Customers are advised to get in touch with their banks to confirm which of the terms have been revised so that they can take necessary precautions against surprise deductions that may come upon them without warning.
Summary of Key Changes
| Update | Old Rule | New Rule (Nov 2025) |
|---|---|---|
| Number of Nominees | 1 | Up to 4 |
| Nomination Process | Varies by bank | Uniform across all banks |
| Payment Charges | No fee for education apps | 1% fee on select transactions |
| Locker Rent (PNB only) | Standard rate | Reduced for select customers |
Conclusion
The new guidelines for banking effective from 1st November 2025 aim at the securitization of financial facilities, inclusivity, and efficiency for customers. Therefore, the customers should kindly check their account details, upgrade their nominations, and stay updated about the updated tabulations on the charges. This change in banking reflects, obviously, that the RBI is committed to modernizing the banking system of India for the digital age.
