Rbi new rule: The Reserve Bank of India (RBI) has proposed to implement the same procedure for disposal of the claims of dead customers, lockers and claims related to items kept safe. Under this, all claims will have to be completed in a maximum of 15 days.
What is the purpose of the new system?
RBI says that the purpose of this new system is to make the process simple and sharp for enrolled persons and legal heirs, so that they do not face unnecessary problems. Draft Circular – Reserve Bank of India (settlement of claims related to the late customers of banks), 2025, the central bank has sought suggestions from the public till 27 August.
Will have to tell the entire process of claim
According to the draft, banks will have to prepare standardized claim forms and make them available on branches as well as website. In addition, the step by step claim process has to be clearly explained with the list of required documents.
Nominee and non -nominee cases
If the nominee is recorded in an account or locker, the claimant will only have to give the claim form, death certificate and evidence of identity/address. At the same time, in cases where there is no nominee, a simple process will be adopted for the claim of up to ₹ 15 lakh.
It will have to provide additional documents like no-objection letter of indexing bonds and other legal heirs. A legal heir certificate or succession certificate will be required for claims of more than ₹ 15 lakh.
Locker claims process
RBI has also set a deadline in cases related to locker. The bank will have to fix the inventory date within 15 days of getting all the necessary documents.
Compensation will be given on delay
If the delay is due to the bank, then compensation will have to be paid. 4% annual additional interest from bank rate on deposits related to deposit and fine of ₹ 5,000 per day in cases related to locker or safe goods.
What will be the benefit of customers?
RBI believes that this step will eliminate different processes going on in banks, will relieve the bereaved families and improve the quality of customer service. The new rules will be applicable from 1 January 2026.