Do you face problems in bank-related work after the death of someone in your family? So this news can be a relief for you. The Reserve Bank of India (RBI) has proposed a new and easy way to settle claims related to bank accounts, lockers, and safe deposit items of deceased customers. If implemented, claims will be settled in the future within just 15 days. Along with this, the RBI has also suggested a penalty for the bank in case of delay. These steps are aimed at making the process easier and faster for nominees and legal heirs.
Settlement of claims will now be very easy
The Reserve Bank of India has sought suggestions from the public by August 27 under the “Settlement of Claims of Deceased Customers” Guidelines, 2025. RBI said that under these guidelines, banks will have to provide standardized forms and a step-by-step claim process with a list of required documents on their branches and websites.
New rules for the account and locker
If a nominee is registered in the account or locker, then claimants will have to submit only a claim form, death certificate, and proof of identity and address. Where there is no nominee, banks will follow a simple process for claims up to a limit. A minimum limit of ₹ 15 lakh has been fixed for this. Within this limit, legal heirs will have to submit additional documents like an indemnity bond and a no-objection certificate. Claims above this limit will require a legal heir certificate or succession certificate.
Banks will be fined if there is a delay
RBI has also set a time limit for the settlement of claims related to lockers and accounts. Under this, banks will have to fix the date within 15 days of receiving all the documents. Any delay caused by the bank in this process will be penalized. Banks will have to pay interest at a rate of 4% per annum above the bank rate. The bank will have to pay a penalty of ₹ 5,000 per day.
RBI said that these steps aim to eliminate different processes running in banks, reduce the inconvenience to the families of the deceased, and improve customer service. These new rules can be implemented on January 1, 2026.