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

The new Bill has proposed nominations for up to four nominees, compared to just one earlier, for bank deposits and lockers

Published on: Aug 12, 2024, 16:20:03 IST

By HT News Desk

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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

The Banking Regulation Act currently allows just one nominee for every single or joint deposit holders (Representational Image/Pixabay)

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How many nominees per bank account and locker is it possible to have currently?

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.

What is the nominee proposal in the new Bill?

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.

How to add or change nominees in HDFC Bank's safe deposit locker?

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)

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HT News Desk
Follow the latest breaking news, major developments and agenda-setting stories from India and around the world with the newsdesk at Hindustan Times. Operating round the clock, the desk brings together experienced editors, reporters and correspondents to deliver fast, accurate and contextual reporting across subjects that influence public policy, governance, business, society and international affairs. The HT News Desk covers politics, elections, government policies, the economy, business and markets, science and technology, the environment, law and order, infrastructure, education, climate issues and geopolitics, while closely tracking developments across states, institutions and global capitals. The team also leads coverage of major breaking news events, policy announcements, court proceedings, natural disasters, public emergencies and significant international developments. Reports published by the newsdesk are based on information gathered from reporters on the ground, official statements, government agencies, court records, regulatory filings, recognised institutions and other authoritative sources. Stories undergo editorial scrutiny and verification processes to ensure accuracy, fairness and relevance, and are updated as events evolve and additional information becomes available. Whether covering a key political decision in New Delhi, an economic policy shift affecting millions, a landmark court ruling or a major global event, the HT News Desk aims to provide readers with reliable, fact-based journalism that delivers not only the latest developments but also the context and analysis needed to understand their wider implications.Read More

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