The BRICS TimesKey changes are coming to the banking sector from November 1, 2025. These new rules will directly affect your finances. It is essential for every bank customer to understand these significant banking rules.
The Finance Ministry is introducing major changes in the country’s banking services. The Ministry has announced new rules under the Banking Laws (Amendment) Act, 2025. These significant new banking rules will be effective starting November 1, 2025.
This move will directly impact millions of bank consumers across India. The government informed that the new law gives customers more control over their money and assets. Banking services are also being made more flexible for all customers. This will greatly benefit them. Customers will now be able to access services more easily than before.
What is Changing from November 1
From November 1, you can name up to four individuals for your bank deposits. You also get the flexibility to decide on each person’s share. For example, one person may get 70 percent, another 20 percent, and the remaining two can receive 5-5 percent each. This system ensures clarity and minimises the possibility of any future disputes.
For lockers and items kept in the bank, only sequential nomination is now permitted from November 1. The person listed next can access the locker only after the death of the first nominee. This is a key change.
You can now nominate up to four people for your bank accounts starting November 1. Previously, only one or two nominees were allowed for accounts. This means you can now name four people as nominees for your bank account. This will simplify the claim process in the future. Your family members can easily receive your funds.
The Finance Ministry’s Statement
A statement released by the Finance Ministry said these new changes will increase transparency in the banking system. It also mentioned that the claim process will become much easier. Bank depositors will have greater control over their deposits than before.
