Skip to main content
Home › Indian Laws › Banking Regulation Act, 1949 › Section 45ZC
Banking Regulation Act, 1949 · Section guide

Section 45ZC: Nomination for return of articles kept in safe custody

Reviewed by CA Nikhil Gupta · Last reviewed 18 September 2026

Section 45ZC — Nomination for return of articles kept in safe custody. Governs nomination for articles kept in safe custody. From 1 November 2025. Up to four nominees may be named successively; operational forms/proof requirements are governed by current nomination rules/directions.

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 nominees for safe-custody articles. 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 articles kept in safe custody. From 1 November 2025 up to four nominees may be named successively.

Condition / limitation

operational forms/proof requirements are governed by current nomination rules/directions.

Source and effective-date control

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

Professional application

Explain successive safe-custody nominations, eligible persons, inventory/delivery safeguards and prescribed forms.

Evidence / working-paper checklist

  • Section 45ZC evidence: account/locker/safe-custody master record.
  • Section 45ZC evidence: nomination/cancellation/variation form and acknowledgement.
  • Section 45ZC evidence: identity/death/inventory/payment evidence for a claim.
  • Section 45ZC 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 45ZC, avoid treating a nominee as universal beneficial owner for all legal purposes.
  • For Section 45ZC, avoid using obsolete nomination forms after a rule change.
  • For Section 45ZC, 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 45ZC unless the official instrument says so.

Related sections inside the Act

Section 45ZD — Notice of claims of other persons regarding articles not receivableSection 45ZE — Release of contents of safety lockersSection 45ZG — Priority of successive nominationsSection 45ZA — Nomination for payment of depositors’ moneySection 45ZB — Notice of claims of other persons regarding deposits not receivable

Use these links to read Section 45ZC 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 45ZC 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 45ZC 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.