RBI's big announcement! Claim will be settled within 15 days after the death of the account holder..

RBI: If your loved one has items in his bank account, locker, and after his death, the bank delays in settling your claim, then now the bank will have to pay a heavy price. The Reserve Bank of India has taken a special initiative to settle claims related to bank accounts and lockers of deceased customers within 15 days.

Compensation will be given for a delay in claim settlement
The central bank is planning to standardize the form to settle such cases within the stipulated time frame and compensate the nominees for any delay.

Proposal to bring a standard procedure for settlement
The RBI has proposed to bring standard procedures for the settlement of claims related to items kept in bank accounts and safe deposit lockers of deceased bank customers. Its purpose is to make the settlement more convenient and easy.

In this direction, the central bank has issued a draft - Reserve Bank of India (Settlement of Claims in Respect of Deceased Customers of Banks) Directions, 2025′ and has sought comments on it by August 27.

The draft said that the bank will use standardized forms to receive claims and other documents. It also has a provision for compensation in case of delay in the settlement of claims.

These documents will be necessary.
The draft said that if a person has been nominated for deposit accounts or lockers, then he will have to submit the claim form, death certificate (deceased customer), and officially valid document of the nominee (nominee) for verification of identity and address.

According to the draft, the bank should adopt an easy process for settlement of claims in those deposit accounts where the deceased depositor has not made any nomination, so that the claimant or legal heir can be saved from inconvenience.

Settlement of claims up to Rs 15 lakh
For settlement of such claims, the bank should fix a minimum limit of Rs 15 lakh based on its risk management systems.

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