Newly proposed nomination rule for bank lockers and deposits, check details

Finance Minister Nirmala Sitharaman has introduced the Banking Laws (Amendment) Bill, 2024, which includes a new proposal, allowing an increase in the allowed number of nominees per bank account and locker
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The Banking Regulation Act currently allows just one nominee for every single or joint deposit holders.
This nominee can also be appointed for items left in the bank’s custody or in the bank’s locker, and they have access to the deposit, articles, or locker items in cases of the death of the person who nominated them. Nomination is done to simplify settlements in dire circumstances such as death of the account or locker holder.
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However, two nominees can be appointed for a jointly held locker, and a person legally permitted to operate a minor’s account can file a nomination on behalf of the minor in question.
The new Bill has proposed nominations for up to four nominees.
When it comes to deposits, the nominees can be appointed successively or concurrently. However, they can be appointed successively for other purposes.
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If there are several nominees, the nomination will work in a predetermined proportion. The nominees identified higher will be given a higher priority.
For adding or changing nomination details, one has to download the forms or visit the bank branch and fill the application.
For adding a nomination: Form SL1 (sole hirer)/SL1A (joint hirer)
For cancelling a nomination: Form SL2
For changing a nomination: Form SL3 (sole hirer)/SL3A (joint hirer)