The Banking Laws (Amendment) Act, 2025 amended the nomination provisions of the Act. Under the amended Section 45ZA, the maximum number of persons a depositor (or all depositors together) may nominate, either successively or simultaneously, in respect of a deposit is:

Section 10 of the Banking Laws (Amendment) Act, 2025 (Act 16 of 2025), with effect from 1 November 2025, substituted the words “one person” in Section 45ZA(1) with “one or more persons not exceeding four, either successively or simultaneously.” Thus a depositor may now nominate up to four persons. Where the nomination is successive, only one nominee is effective at a time in the order of priority set out in the newly inserted Section 45ZG. Where it is simultaneous, the nomination is effective in favour of all nominees in declared proportions, subject to conditions such as the total not exceeding four persons and the proportions covering the whole deposit.