The Reserve Bank of India (RBI) has made new rules for claims on accounts and lockers of dead customers. Banks must settle these claims within 15 days of getting them. If there is any delay, banks must pay compensation to the customers.
All banks must follow these rules by March 31, 2026.
The RBI has made rules called the “Reserve Bank of India (Settlement of Claims in respect of Deceased Customers of Banks) Directions, 2025.” These rules must be followed by all banks. They apply to deposit accounts, safe deposit lockers, and items kept in safe custody.
What are the new RBI rules?
If an account has a nominee or survivor clause, the bank will pay directly to them. After this, the bank has no more responsibility.
If there is no nominee or survivor clause, RBI has given a simple process. This applies to claims under ₹5 lakh for cooperative banks and ₹15 lakh for other banks.
If the claim is more than this, the bank may ask for papers like a successor certificate or legal heir certificate. For lockers or safe custody, banks must process claims within 15 days after getting the papers. The bank must meet the claimant to check the locker or items.
Banks may have to pay compensation
If a bank does not settle a claim on time, it must explain why. If the delay is the bank’s fault, it must pay compensation with interest. The interest rate will be bank rate + 4% per year. For locker or safe custody delays, the bank must pay ₹5,000 per day as compensation.