https://www.taxtmi.com/news?id=59563 Nomination provisions effective 1 November 2025 permit up to four nominees for deposit accounts, articles in safe custody, and safety lockers. Deposit accounts allow simultaneous or successive nominations; simultaneous nominations require specified shares totaling 100 percent, while successive nominations create a priority order activating the next nominee only upon the earlier nominee's death. For safe custody and lockers only successive nominations are allowed. The Banking Companies (Nomination) Rules, 2025 will set out procedures and forms to operationalise these nomination provisions uniformly across banks. en-us Thu, 23 Oct 2025 17:11:29 +0530 Thu, 23 Oct 2025 17:11:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=59563 Nomination provisions effective 1 November 2025 permit up to four nominees for deposit accounts, articles in safe custody, and safety lockers. Deposit accounts allow simultaneous or successive nominations; simultaneous nominations require specified shares totaling 100 percent, while successive nominations create a priority order activating the next nominee only upon the earlier nominee's death. For safe custody and lockers only successive nominations are allowed. The Banking Companies (Nomination) Rules, 2025 will set out procedures and forms to operationalise these nomination provisions uniformly across banks. News - Thu, 23 Oct 2025 17:11:29 +0530 https://www.taxtmi.com/news?id=59563