Archive · 7 Aug 2025
RBI Proposes Faster Claim Settlements for Deceased Accounts
The Reserve Bank of India (RBI) wants to make it faster and easier for families to get money and belongings from a bank after someone dies.
They're setting a 15-day limit for banks to process claims.
Banks will have standard forms available, and they will pay extra if they take too long.
For accounts without a named beneficiary, banks can pay out claims up to a certain amount.
You can file a claim at any branch.
The goal is to streamline the process and make it fair.
RBI proposes a 15-day time limit for banks to settle claims on deceased customer accounts and lockers.
Standardized forms and documents will be available in branches and online.
Banks will compensate for delays, with interest on deposit claims and a daily fee for locker delays.
Claims can be lodged at any bank branch with acknowledgment.
Banks can set a threshold limit, subject to a minimum of ₹15 lakh, for settlements without nominees.
- Who
- The Reserve Bank of India (RBI).
- What
- RBI is proposing a 15-day time limit for settling claims related to deceased customers' accounts and lockers.
- When
- The proposal was recently announced, dated August 7, 2025, in a draft circular.
- Where
- Applicable across all banks in India.
- Why
- To streamline the process and provide compensation for delays.
- Announcing Body
- Reserve Bank of India (RBI)
- Key Focus
- Standardized Claim Settlements
- Affected Accounts
- Deposit accounts and safe deposit lockers
- Timeline
- 15 days for settlement after document submission
- Compensation for Delay
- Interest on deposit claims; ₹5,000/day for locker delays
- Claim Lodging
- Allowed at any bank branch.
Sources
RBI to streamline procedures for expeditious claim settlement for accounts, lockers of deceased customers
RBI's Sanjay Malhotra Unveils Key Consumer-Focused Initiatives: All You Need To Know
Coming Soon! Simplified Bank Customer Claim Rules
Easier claims for lockers, bank accounts as Reserve Bank of India plans standardised procedure - Telegraph India