RBI to Speed Up Bank Claim Settlements with New Rules

When someone with a bank account dies, the bank needs to give the money to the right person.

The rules are changing to make this faster and clearer.

If there's a nominee, it's usually simple.

If not, the bank now has set procedures to follow.

They'll need documents like a death certificate and proof of who is entitled to the money.

There's also a minimum amount, above which more documents are needed.

Banks will now have 15 days to settle the claims.

If there's a will, it helps, but if there's no will, you must follow the guidelines.

Make sure the nominee is correct to avoid any delays.