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Home › Indian Laws › Banking Regulation Act, 1949 › Section 45ZA
Banking Regulation Act, 1949 · Section guide

Section 45ZA: Nomination for payment of depositors’ money

Reviewed by CA Nikhil Gupta · Last reviewed 18 September 2026

Section 45ZA — Nomination for payment of depositors’ money. Governs nomination for deposit money. From 1 November 2025 depositors may nominate up to four. Persons either successively or simultaneously; simultaneous nominations must state percentages, cover the whole deposit and comply with the statutory conditions.

Official statute linkedProvision-specific anatomyPractical case + evidence file2025 amendment mapped
Official text: DFS consolidated Act · Banking Laws (Amendment) Act, 2025
Effective-date control — 1 November 2025. Up to four successive or simultaneous deposit nominees; simultaneous-percentage rules inserted. For an event that straddles this date, the working paper should show the pre/post amendment position rather than treating the current wording as historically universal.

Statutory structure and provision map

This map is a provision-specific explanation, not a substitute for the exact statutory text.

Core statutory rule

Governs nomination for deposit money. From 1 November 2025 depositors may nominate up to four persons either successively or simultaneously.

Condition / limitation

simultaneous nominations must state percentages, cover the whole deposit and comply with the statutory conditions.

Source and effective-date control

Apply the wording of Section 45ZA that was in force on the event date; use the official Act and any applicable commencement/amending instrument linked on this page.

Professional application

Retain the correct four-nominee update; complete joint/minor/nominee-death, share-total, discharge and claims conditions; supply current forms and a solved allocation example.

Evidence / working-paper checklist

  • Section 45ZA evidence: account/locker/safe-custody master record.
  • Section 45ZA evidence: nomination/cancellation/variation form and acknowledgement.
  • Section 45ZA evidence: identity/death/inventory/payment evidence for a claim.
  • Section 45ZA evidence: record-retention or claim-processing evidence under the current Rules.

Retain the event date and source version with the file so the conclusion remains reproducible after later amendments.

Common mistakes to avoid

  • For Section 45ZA, avoid treating a nominee as universal beneficial owner for all legal purposes.
  • For Section 45ZA, avoid using obsolete nomination forms after a rule change.
  • For Section 45ZA, avoid processing a death claim without preserving identity, death and inventory/payment evidence.

Linked Rules, RBI directions, notifications and forms

Linked instruments keep their own legal basis; they are not attributed to Section 45ZA unless the official instrument says so.

Related sections inside the Act

Section 45ZB — Notice of claims of other persons regarding deposits not receivableSection 45ZC — Nomination for return of articles kept in safe custodySection 45ZE — Release of contents of safety lockersSection 45ZG — Priority of successive nominationsSection 45Y — Central Government rules for preservation of recordsSection 45Z — Return of paid instruments to customers

Use these links to read Section 45ZA in its statutory sequence, especially where the provision imports definitions, approvals, appeals, penalties or winding-up consequences from neighbouring sections.

Current-law source control

Source control: read Section 45ZA in the DFS/India Code text together with the mapped 2025 amending Act and commencement date.

Dated matters: verify any later Gazette, RBI direction or binding judgment affecting Section 45ZA on the event date.

Disclaimer

This Finin2min page is an educational and professional reference. Banking regulation is fact-, entity- and date-sensitive. Verify the current Act, Gazette amendments and commencement notifications, applicable RBI Rules/directions and the transaction record before acting or filing.