Tag: nomination in fds

RBIs New Nomination Rules from November 1, 2025

From November 1, 2025, account holders will be able to add up to four nominees for bank accounts, fixed deposits, lockers, and safe custody items.

This change aims to simplify and speed up the process for family members to claim funds or assets after the account holder’s death.

Nominees can now be added in two ways:

New Rent Law Implemented, Now this Registration will be Required before Giving a House on Rent
Simultaneous Nomination – All nominees receive a share simultaneously.
Successive Nomination – The next nominee receives the right after the previous one.

Benefits of the New Rules


Enhanced transparency in banking and nomination processes.
Faster and fairer distribution of the deceased account holder’s funds.
Greater security for old and inactive accounts.
Reduction in banking frauds.
Encouragement for customers to stay active and aware of their account activities.

About RBI

The Reserve Bank of India was established on April 1, 1935 in accordance with the provisions of the Reserve Bank of India Act, 1934.

The Central Office of the Reserve Bank was initially established in Kolkata but was permanently moved to Mumbai in 1937. The Central Office is where the Governor sits and where policies are formulated.

Though originally privately owned, since nationalisation in 1949, the Reserve Bank is fully owned by the Government of India.

Function of  RBI

Monetary Authority:

  • Formulates, implements and monitors the monetary policy.
  • Objective: maintaining price stability while keeping in mind the objective of growth.

Regulator and supervisor of the financial system:

  • Prescribes broad parameters of banking operations within which the country’s banking and financial system functions.
  • Objective: maintain public confidence in the system, protect depositors’ interest and provide cost-effective banking services to the public.

Manager of Foreign Exchange

  • Manages the Foreign Exchange Management Act, 1999.
  • Objective: to facilitate external trade and payment and promote orderly development and maintenance of foreign exchange market in India.

Issuer of currency:

  • Issues, exchanges and destroys currency notes as well as puts into circulation coins minted by Government of India.
  • Objective: to give the public adequate quantity of supplies of currency notes and coins and in good quality.

Developmental role

  • Performs a wide range of promotional functions to support national objectives.

Regulator and Supervisor of Payment and Settlement Systems:

  • Introduces and upgrades safe and efficient modes of payment systems in the country to meet the requirements of the public at large.
  • Objective: maintain public confidence in payment and settlement system

Related Functions

  • Banker to the Government: performs merchant banking function for the central and the state governments; also acts as their banker.
  • Banker to banks: maintains banking accounts of all scheduled banks.

Offices

  1. The Reserve Bank of India has offices at 34 locations.