On Jan. 17, IND RBI issued circular re nomination facility coverage.
IND RBI issued circular requiring expanded bank account nomination facility coverage.
Follows IND RBI Oct. 2023 updated master direction on public deposits, see #187570.
Overview of Requirements
All banks must obtain nominations for existing and new customers' deposit accounts, safe custody articles, safety lockers; banks' customer service committees must periodically review nomination coverage; account opening forms must include opt out.
Banks shall train frontline staff on obtaining customer nomination, handling deceased customer claims, dealing with nominees/legal heirs; launch publicity campaigns.
In addition to modifying account forms to include nomination options, if not yet done.
Progress reports required quarterly via IND RBI's DAKSH portal from Mar. 31, 2025.
