Archive · 27 Sep 2025
RBI Mandates 15-Day Claim Settlement for Deceased Customers
The RBI has created new rules to help families get money from bank accounts and lockers after a person dies.
Banks now must settle these claims within 15 days of getting all the necessary paperwork.
If the bank is late, it must pay extra interest or a daily fine.
Smaller claims will be handled with an easier process, with a limit set for different types of banks.
These rules cover all bank accounts, including lockers, to make things faster and easier for families during a difficult time.
Banks need to follow these new rules by March 2026.
RBI issued new guidelines for settling claims on deceased customers' accounts and lockers.
Banks are required to settle claims within 15 days of receiving all required documents.
Compensation will be issued for delays by banks.
Simplified procedures are available for claims under certain thresholds.
The new rules aim to standardize practices and improve customer service.
- Who
- Reserve Bank of India (RBI)
- What
- Revised norms for deceased customer claims settlement
- When
- Announced September 27, 2025, effective March 31, 2026
- Where
- India
- Why
- To streamline and standardize claims process, improve customer service.
- Policy Issuer
- Reserve Bank of India (RBI)
- Policy Goal
- Streamline Claim Settlements
- Settlement Deadline
- 15 Calendar Days
- Implementation Date
- March 31, 2026
- Compensation (Deposit)
- Bank Rate + 4% interest
- Compensation (Lockers)
- ₹5,000 per day delay
- Simplified Procedure Threshold (Co-op)
- ₹5 lakh
- Simplified Procedure Threshold (Other)
- ₹15 lakh
Sources
RBI streamlines norms for claims settlement related to deceased bank customers
RBI streamlines norms for claims settlement related to deceased bank customers
RBI mandates 15-day deadline for settlement of claims on deceased customers’ bank accounts, lockers