Following the Banking Laws (Amendment) Act, 2025,

Solution

Section 11 of the Banking Laws (Amendment) Act, 2025 (Act 16 of 2025), with effect from 1 November 2025, substituted the words “one person” in Section 45ZC(1) with “one or more persons not exceeding four, successively.” Accordingly, a person who leaves an article in safe custody with a banking company may now nominate up to four persons successively for the return of such article in the event of the depositor’s death. Unlike the deposit nomination under Section 45ZA (which allows simultaneous nominations with proportionate allocation), safe custody nominations are exclusively successive, not simultaneous. The priority among successive nominees is governed by Section 45ZG, which provides that the next nominee in order becomes effective only upon the death of the preceding nominee.