RBI Proposes Faster Bank Claims Settlements After Death

The Reserve Bank of India (RBI) wants to make it easier for people to get money from banks after someone dies.

New rules say banks must quickly give money to the person named in the account, without needing extra paperwork, unless there's a problem.

If banks take too long, they have to pay extra money to the claimant.

This applies to all banks in India.

Even if there's no nominee, banks have to make it easier and faster to claim the money, with a limit of ₹15 lakh.

For safe deposit boxes, the banks will also process the claims swiftly and inform the claimant within 15 days.