RBI’s New Nomination Guidelines: A Step Towards Protecting Your Wealth

In a significant move aimed at safeguarding depositor interests and reducing unclaimed funds in the banking system, the Reserve Bank of India (RBI) has rolled out new guidelines related to nominations in bank accounts and lockers. These changes are not just regulatory adjustments — they’re essential steps toward ensuring that your hard-earned money reaches your loved ones without unnecessary hassle.

 

Let’s break down what this means for you and how you can take advantage of the new provisions.

Why Are These Changes Important?

India has seen a growing volume of unclaimed deposits, often because there’s no nominee recorded or the nominee cannot be contacted. These situations place a huge emotional and financial burden on families. The RBI's updated nomination framework addresses these concerns head-on.

Key Updates You Should Know

✅ 1. Mandatory Nomination Across All Accounts

RBI has made it mandatory for banks to ensure nomination coverage for:

• Savings accounts

• Fixed deposits

• Safe custody articles

• Bank lockers

Banks must report their nomination compliance quarterly via the RBI’s DAKSH portal.

Why it matters: This forces banks to proactively engage customers in securing nominations.

✅ 2. Multiple Nominees Allowed

You can now nominate up to four individuals for your savings, fixed deposit, or locker accounts.

• Simultaneous Nomination: All nominees will have equal rights.

• Successive Nomination: Rights pass on in a specific order, as determined by you.

Why it matters: This offers greater flexibility and clarity, especially in families with multiple dependents.

✅ 3. Nominee Contact Information is Now Required

Banks will now collect email addresses and mobile numbers of nominees at the time of nomination. This ensures that banks can reach out directly to nominees in case of the account holder’s death or inactivity.

Why it matters: It speeds up communication and reduces the risk of the nominee being unaware of the funds.

✅ 4. Improved Customer Education & Staff Training

Banks are now directed to:

• Train their staff to help customers with nominations and claims

• Promote nomination awareness through branch campaigns, digital channels, and account opening processes

Why it matters: A more informed public means fewer disputes and faster access to funds in times of need.

What Should You Do Now?

If you haven’t already, here are 3 immediate steps you can take:

1. Check all your bank accounts to ensure a nominee is added.

2. Update nominee details with mobile numbers and email addresses.

3. Inform your family about your nominations — transparency avoids future confusion.

Final Thoughts from Dhan Shiksha

We always emphasize the importance of financial planning and legacy management. The new RBI nomination rules empower you to protect your wealth and your family’s future. Don’t delay — take action today and secure peace of mind for tomorrow.

💡 Tip: Make it a habit to review your nominations annually, especially after major life events like marriage, childbirth, or inheritance.

Stay connected with Dhan Shiksha for more updates, tips, and insights on growing and protecting your wealth.  💬 Share your thoughts in the comments