RBI Claim Settlement: In today’s post, we will talk about an important new rule from the Reserve Bank of India (RBI). This rule is very important for every bank customer because it is directly related to the financial security of you and your family. RBI has said that now, the process of withdrawing money from the bank will be easier and faster, especially for the nominees or heirs of the account holder after their death. Let’s know the details of this new rule.
What is the new rule?
The Reserve Bank of India (RBI) has given a new guideline to all banks. It says that after the death of an account holder, the money in their account or valuables in the locker must be given to the nominee or legal heir within just 15 days. Earlier, this process took a long time, and families had to face many problems. This new rule will make the process faster and easier.
Why was this new rule introduced?
Many times, after an account holder’s death, their family faced problems while withdrawing money from the bank. They had financial troubles because they did not get the money on time. RBI has made this customer-friendly rule to solve this problem. Its main goal is:
Main Goals of the New Rule
- Faster claim settlement.
- Reduce problems for nominees or heirs.
- Make one rule for all banks.
- Increase transparency in banking.
What if the bank does not pay within 15 days?
According to RBI rules, if a bank does not settle a claim within 15 days even after receiving all documents, the bank must pay a penalty. The bank may also have to pay interest and extra compensation for the delay. For lockers, a daily penalty may be charged. This strict rule will make banks work on time.
What can you do?
To use this new rule, you should follow a few steps:
- Add nominee name: Always add a nominee in your bank accounts, fixed deposits, and lockers. This will help your family withdraw money easily.
- Keep documents ready: While claiming, keep documents ready, like death certificate, nominee ID, and address proof.
- Remember application date: Keep proof of the claim application date. This will help if the 15-day period is not followed.
This new RBI rule is a very good step. It will make banking safer and easier for everyone. Share this information with your family and friends so they also know about it.