The Reserve Bank of India (RBI) has proposed new rules to make it quicker and simpler to settle claims on the accounts and lockers of deceased bank customers.
In its draft circular, "Reserve Bank of India (Settlement of Claims in respect of Deceased Customers of Banks) Directions, 2025", the RBI has sought public feedback by August 27.
The proposal mandates banks to use standardised claim forms, available both at branches and online, with clear instructions and document lists.
For accounts or lockers with a nominee, claims will require a form, the death certificate, and proof of identity and address. Where no nomination exists, banks must follow a simplified procedure for legal heirs.
A minimum claim threshold of ₹15 lakh is set, below which heirs can use an indemnity bond and no-objection letters; larger claims will need legal documents like a succession certificate.
Banks must settle claims within 15 days of receiving all documents or face compensation interest at Bank Rate + 4% for deposits, and ₹5,000 per day for locker delays.
[Except for the headline, this article has not been edited by the Benefit News editorial team and is published directly from the IANS news feed.]
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Draft norms aim to speed up claim settlement for accounts, lockers of deceased customers

RBI Plans Faster Claim Rules for Banks

Draft norms aim to speed up claim settlement for accounts, lockers of deceased customers

August 11, 2025 | 01:02 IST