📝 One-liners · 66 cards
New Nomination Rules 2025 _ Banking update
What is the maximum number of nominees a bank account holder can appoint under the new nomination rules effective 2025?
Under the Banking Laws (Amendment) Act 2025, an account holder can appoint up to four nominees for a single bank account, compared to the earlier limit of one nominee.
What is the maximum number of nominees allowed for a bank locker under the 2025 nomination amendment?
Up to two nominees are permitted for bank lockers.
What are the two types of nominations introduced under the Banking Laws (Amendment) Act 2025?
The amendment introduced 'simultaneous nomination' (where all nominees share the claim equally or as specified) and 'successive nomination' (where nominees are listed in order of priority).
Under the 2025 banking amendment, which Act was specifically amended to allow multiple nominees?
The Banking Regulation Act 1949 was amended.
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