New Nomination Rules 2025 _ Banking update
Chapter notes, video classes, MCQ practice tests and quick-revision one-liners for 2026 updates — Bank Promotions.
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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.
Under successive nomination, when does the second nominee become entitled to claim the account proceeds?
Under successive nomination, the second nominee becomes entitled only if the first nominee predeceases the account holder, ensuring an ordered chain of succession.
What term describes the nomination type where all nominees receive their share simultaneously upon the depositor's death?
It is called simultaneous nomination.
Can a minor be appointed as a nominee under the revised banking nomination framework of 2025?
Yes, a minor can be a nominee, but the account holder must simultaneously appoint a guardian who will receive the funds on behalf of the minor until the minor attains majority.
Which year did the Banking Laws (Amendment) Act introducing multiple nominees receive Presidential assent?
The Banking Laws (Amendment) Act received assent in 2025.
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