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RBI made a big announcement regarding bank accounts-lockers, all banks will have to do this work

Jyoti — Mon, 20 Jan 2025 10:58:02 +0000

The Reserve Bank of India (RBI) on Friday asked banks to ensure nominees in deposit accounts and safety lockers of new and all existing customers. The central bank said that a large number of accounts do not have nominees.

The nomination facility is intended to reduce the hardship of family members on the death of the depositor / depositors and to settle claims quickly. However, according to the central bank’s circular, based on the assessment of the Reserve Bank, it has been found that nominees are not available in a large number of deposit accounts.

It said, “In order to avoid inconvenience and unnecessary hardship to the family members of the deceased depositors, we emphasize the need to obtain the name of nominee for all existing and new customers holding deposit accounts, safe custody articles and safety lockers.”

RBI said that the Customer Service Committee (CSC) of the Board of Directors should review the achievement of enrollment coverage on a fixed period. The progress report in this regard should be given on the Reserve Bank’s Daksh portal on a quarterly basis starting from March 31, 2025.

Further, the frontline staff at the branches may be suitably trained to receive the nominees as well as settle the claims of the deceased constituents in a proper manner and to deal with the nominees/legal heirs, the circular said.

RBI said that the account opening form may be suitably modified (if not done already) to provide for the customer to avail or opt for the designated facility.

Apart from informing the customers directly, the concerned banks and NBFCs have also been asked to publicise the benefits of using the nomination facility through various media, including launching campaigns from time to time to achieve full coverage of all eligible customer accounts.

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RBI issues notification on nomination in FDs, Lockers and savings account. Key Details Inside

Jyoti — Sat, 18 Jan 2025 12:00:27 +0000

New Delhi: The Reserve Bank of India (RBI) has issued instructions to banks and NBFCs (non-banking financial companies) regarding nominee (legal heir). According to this, nomination is now necessary for every Fixed Deposit (FD), savings account and locker.

RBI has ordered all banks to get nomination from every old and new customer. The purpose of the nomination facility is to reduce the difficulties of family members on the death of the depositor / depositors and to settle claims quickly. The central bank circular states that nominees are not available in a large number of deposit accounts. Know why nomination is necessary…

What is the reason?
According to the Economic Times report, RBI has found that many accounts do not have nomination. In such a situation, if the account holder dies, his family members have to face a lot of problems. With nomination, if any family member passes away, the nominee will easily get the money from his savings account, FD or locker without any delay or legal hassle.
What are the instructions?
According to the RBI circular of Friday, the instructions for nomination for scheduled commercial banks (SCBs – except RRBs), primary (urban) co-operative banks (UCBs) and deposit taking NBFCs have been included in the master circular. In these rules, banks have also been told to explain the benefits of nomination to the people and provide information about it everywhere.
How will monitoring be done?
According to the new RBI directive, the Customer Service Committee (CSC) or the Board of Directors will regularly review the nomination status. From March 31, the progress report will be given every quarter through the DAKSH portal. Changes will also be made in the account opening form so that the customer can choose a nominee or refuse nomination. RBI has said that campaigns should be run from time to time.
Who is a nominee?
A nominee in an account or investment is a person whom the account holder wants to receive his money after his death. When you open an account or add a nominee’s name later, it ensures that the account holder’s assets are passed on to that person. This person can be a family member or a friend or an acquaintance. The account holder can change the nominee’s name in his account whenever he wants.
Why is it necessary?
By having a nomination, the family can avoid legal hassles. If there is no nominee, then the family members or legal heirs have to go through a long and tedious process to get the property. If there is a nominee, then he just has to show his address, bank details and identity card and the money will be transferred in his name.
essential to avoid hassle
Due to the absence of a nominee, the family of the deceased may face legal hurdles in getting money from the bank/insurance company. Sometimes a distant relative or an unknown person also declares himself as the heir. In such a situation, the matter becomes more complicated. If there is a dispute among the family members, then the matter goes to the court. It may take 6 months or several years to decide. To avoid this problem, get the name of a nominee registered in your account today itself.

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Bank changed rules from savings account to locker, New rules will be applicable on this day

Jyoti — Tue, 10 Sep 2024 07:00:51 +0000

PNB Rules: Punjab National Bank has announced changes in the rules for everything from savings accounts to lockers. This will have a direct impact on the pockets of the customers. The new rules are being implemented from next month.

Punjab National Bank has changed many rules. This includes rules from charges related to savings account to locker. Punjab National Bank, the country’s second largest public sector bank, has announced changes in its savings account rules. The new rules will come into effect from October 1, 2024. In this, the rules from savings account to locker charges, minimum balance etc. have changed. Let’s know about this.

The bank has changed the rules for the average balance of its savings account. Now the monthly and quarterly balance in the accounts of rural areas must be Rs 500, Rs 1,000 in semi-urban areas and Rs 2,000 in metro cities. If you do not maintain the minimum balance, you may be fined Rs 50 to Rs 250.

The bank has also decided to change its locker rent charges. Now customers will have to pay Rs 1,000 annually for a small locker in rural areas, Rs 1,250 in semi-urban areas and Rs 2,000 in metro cities. For a medium-sized locker, you will have to pay Rs 2,200, Rs 2,500 and Rs 3,500. For a large locker in big cities, you will have to pay Rs 2,500, Rs 3,000 and Rs 5,500.

Also Read: 5 superhit schemes of SBI Bank! Will make you rich in just 400 days

The bank has also changed the rules for demand draft. Now you will have to pay 0.40 percent charge for DD which should be between Rs 50 to Rs 15,000.

Now you will have to pay Rs 200 for issuing a duplicate demand draft. Earlier it was Rs 150. If the cheque is returned due to insufficient balance, you will have to pay a penalty of Rs 300 per cheque. You will be charged a fee of Rs 300 for current account, cash loan and OD account in a financial year. In case of the fourth cheque being returned, a fee of Rs 1,000 will be charged from the customers. If the cheque is returned due to any other reason, a fee of Rs 100 will be charged. There will be no fee for technical reasons.