Banking Regulation Act, 1949 — back to Table of Contents
Section 45ZC. Nomination for return of articles kept in safe custody with banking company
(1) Where a person leaves an article in safe custody with a banking company, that person may nominate one or more persons — up to a maximum of four, successively — to whom the article may be returned in the event of that person’s death.
(2) If the nominee is a minor, the person making the nomination may also appoint someone to receive the article on the minor’s behalf, should the depositor die while the nominee is still a minor.
(3) Before returning any article to a nominee (or to a person appointed under sub-section (2)), the bank must prepare an inventory of the article, in the manner the Reserve Bank directs from time to time, have it signed by the nominee or appointed person, and give them a copy.
(4) Notwithstanding any other law, or any will or other testamentary disposition, a valid nomination gives the nominee the right to receive the article on the depositor’s death, to the exclusion of all other persons, unless the nomination is varied or cancelled in the prescribed manner. This does not, however, affect any claim another person may separately have against the nominee once the article is returned to them.
Note: Part IIIB was inserted by the Banking Companies (Second Amendment) Act, 1960. Sub-section (1) reflects the amendment made by the Banking Laws (Amendment) Act, 2025, effective 1 November 2025, which replaced the earlier single-nominee rule with up to four successive nominees (simultaneous nomination is not available for safe custody articles).
