RBI’s New Rules Empower Account Holders
Starting today, India’s banking landscape has undergone a major transformation with new customer-friendly regulations that simplify account management, enhance digital accessibility, and offer greater financial security. The Reserve Bank of India (RBI) has introduced reforms that allow multiple nominees, simplified Aadhaar updates, and improved locker access rules — all aimed at reducing hassle and promoting transparency.
Up to Four Nominations Now Allowed
Until now, account holders could only name a single nominee for their fixed deposits (FDs), recurring deposits (RDs), and joint accounts. The new rule removes this restriction — customers can now nominate up to four persons, ensuring smoother transfer of funds and assets in case of emergencies. This change eliminates the need for lengthy legal procedures and provides flexibility in managing one’s savings and inheritance.
Sequential Locker Nomination Introduced
For those holding bank lockers, a new sequential nomination system has been introduced. Customers must now list nominees in order of priority — a primary nominee followed by backups. If the first nominee is unavailable or deceased, the next in line can take over with a simple application, ensuring secure and uninterrupted locker access for families.
SBI Credit Card Policy Tweaks
State Bank of India (SBI) has also introduced several changes to credit card usage and compliance. These updates aim to streamline user experience, strengthen security, and enhance the digital handling of transactions. Cardholders are advised to check their bank notifications or official portals for detailed updates.
Aadhaar Updates Made Easier Than Ever
A major relief for millions, Aadhaar updates no longer require long queues or tedious paperwork. Users can now update details such as address, name, or photo online from the comfort of their home. Only biometric verification needs to be done later at the nearest Jan Seva Kendra, completing the process quickly and efficiently.
A Digital Step Toward Transparency and Ease
These new measures mark another milestone in India’s ongoing digital banking revolution. By simplifying account management and reducing bureaucratic barriers, the RBI and UIDAI aim to make banking more inclusive, efficient, and customer-centric.
So, whether it’s securing your family’s future through multiple nominations or updating your Aadhaar from home — the power is now truly in the hands of the people.