Archive · 11 Aug 2025
RBI Proposes 15-Day Deadline for Deceased Customer Claims
The RBI wants banks to quickly help families get money and belongings from accounts and lockers after someone passes away.
Banks now have 15 days to give the money from deposits and also to start the process of listing contents in lockers, once they have all the required papers.
Banks will use easy-to-understand forms and list the required documents on their websites and branches.
If the bank takes too long, they'll have to pay extra interest on deposits.
If they take too long to open a locker, they will have to pay a penalty of ₹5,000 each day.
This aims to make things easier for families.
RBI proposes a 15-day deadline for banks to settle claims for deceased customers.
The draft circular is titled 'Reserve Bank of India (Settlement of Claims in respect of Deceased Customers of Banks) Directions, 2025'.
Standardized forms and required document lists must be available on bank websites and branches.
Claims with nominees require a claim form, death certificate, and ID/address proof.
Delays by banks will incur penalties, including Bank Rate plus 4% for deposits and ₹5,000/day for lockers.
- Who
- Reserve Bank of India (RBI) and banks.
- What
- The RBI's proposal for quicker settlements of claims related to deceased customers' bank accounts and lockers.
- When
- The regulations will come into effect on or before January 1, 2026.
- Where
- Concerning bank accounts and lockers in India.
- Why
- To streamline claim processes and provide quicker settlements.
- Implementing Body
- Reserve Bank of India (RBI)
- Target
- Settlement of claims for deceased customers
- Proposed Deadline
- 15 days
- Deposit Delay Penalty
- Bank Rate + 4% per annum
- Locker Delay Penalty
- ₹5,000 per day
- Draft Circular Name
- Reserve Bank of India (Settlement of Claims in respect of Deceased Customers of Banks) Directions, 2025
- Comment Deadline
- August 27, 2025
Sources
RBI moots standardised forms for claim settlement related to banks deceased customers
RBI proposes standardised claim forms, 15-day deadline for settlement of deceased customers’ bank accounts
RBI proposes new rules for faster settlement of claims on accounts, lockers of deceased customers
RBI Proposes Easier Norms For Settlement Of Claims On Accounts, Lockers Of Deceased Customer
RBI Draft Rules On Claim Settlement: 15-Day Deadline, Rs 15-Lakh Limit Among 6 Key Changes
