Many banks in the country offer locker opening facilities. Certain rules must be followed. The locker holder must submit their identity, address, and certain documents. Sometimes, customers also arrange for a locker nominee.

A nominee is generally required for bank lockers to be named, making claims in an emergency simple and efficient. Recently, the Ministry of Finance announced the implementation of new nomination rules under the Banking Laws (Amendment) Act, 2025.

Customers will now be able to add not just one but four nominees. This change will come into effect from November 1st, 2025. Its purpose is to simplify claim settlement and reduce disputes related to bank lockers. Previously, account holders often forgot to change the nominee after the death of a nominee.

In such a situation, if the account holder also died, the family faced difficulties in receiving the bank funds. This resulted in a lengthy documentation process, resulting in long waits. But now the new rule will alleviate this.

How four nominees will work has also been clarified. A customer can nominate up to four people simultaneously or serially. The depositor can decide which nominee will be active next. At the time of a claim, the bank will recognize only the nominee who is active at that time.

The same system will apply to lockers and safe custody cases, but with specific conditions. For lockers, the bank will only allow serial nominations. This means that the next nominee will become active only if the next nominee is no longer alive. This has been done to reduce disputes and legal complications related to spaced bank lockers. The new rule will be of great benefit to customers. Now depositors will be able to designate multiple nominees while maintaining control over their assets. In case of any emergency, it will be easier for the family to get money or goods.

This has been done to reduce disputes and legal complications related to spaced bank lockers. The new rule will be of great benefit to customers. Now depositors will be able to designate multiple nominees while maintaining control over their assets. In case of any emergency, it will be easier for the family to get money or goods.