Bank Locker Rule: Important news for those with bank lockers, the government has changed the rules..

Bank Locker: The government has simplified the bank locker rules and implemented a new rule from 16 April 2025. Now it has become easier to make a nominee for a bank account and locker. Under this new rule, account holders can now add a maximum of four people as nominees, making the process more convenient than before. (bank locker new rules)

There are 2 ways to make a nominee-

Simultaneous - In this, all four people get money in a pre-decided share. For example, if you decide that A will get 40%, B will get 30%, C will get 20%, and D will get 10%, then after you leave, they will get the money accordingly.

Successive - In this, only the first person will get the money. If he is not there or refuses to take the money, then the second person becomes entitled, then the third, and then the fourth.

Only one nomination after another is valid for a bank locker or the goods that you have kept in the custody of the bank. In this too, four people can be made nominees in sequence. If you have not made any nomination and there is a claimant after you, then they will have to provide documents like a will or, succession certificate. This work can be long and troublesome.

How to get old or forgotten money?

If you had deposited some money in the bank and it remained without any transaction for 10 years, then it will now go to RBI's DEA fund. But don't panic, you can withdraw this money from your bank at any time.

If you have invested in a company's bond and have not claimed it for 7 years, then your principal and the interest earned on it will be transferred to the Investor Education and Protection Fund (IEPF). Similarly, if any dividend remains unclaimed for 7 years, it also goes to the IEPF. Therefore, you should make a nomination for your bank account and locker immediately, so that your loved ones do not face any kind of difficulty in your absence.

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