Mumbai
The Reserve Bank of India (RBI) has introduced a new proposal to make the process of disposing of dead customers in relation to bank accounts and goods kept in lockers. The purpose of this proposal is that the bank customer or their family do not have to face much paperwork and waiting. For this, RBI has issued “Draft Circular- Guidelines for disposal of claims of dead customers, 2025”. On this, the public and the concerned parties can give their suggestions till 27 August 2025.
Why is this change important?
RBI says that at present, different rules and procedures are adopted for claims related to the account or locker of the dead customer in different banks of the country. This causes problems to the family and many times the cases remain stuck for months. The new rules will lead to a similar process and the customer service will improve. RBI has said that these new rules will be implemented by 1 January 2026. This will increase transparency and trust in the banking system and the families of the deceased customer will get financial and mental relief.
Easy process on having nomineeOr
If a person already enrolled in a bank account or locker is recorded, then he will have to submit only three documents:
Claim Form- Bank’s fixed form to claim.
Death Certificate- The official death certificate of the deceased customer.
Evidence of identity and address- Aadhaar, passport or other legitimate identity card of the nominee.
After this, the bank will have to settle the claim within 15 days from the date of getting the documents.
Simplified procedure for cases without nominee
– For the accounts that do not have a nominee, the bank will have to adopt a simple process. Banks will have to set a limit of at least ₹ 15 lakh, based on their risk management system.
– For a claim of up to ₹ 15 lakh, the nominee will have to provide a bond of independity bond and other necessary documents.
– For claims above this limit, documents like succession certificate or legal heir certificate issued by competent authority will be necessary.
These new rules, if implemented, will ensure that the families of the customers have less trouble in the bank related procedures. RBI is planning to implement these rules by January 1, 2026.
What will happen if there is no enrollment?
If no enrollment has been made, the bank will also have to adopt an easy process, but a threshold limit will be fixed for it. This will be at least 15 lakh rupees.
Claims up to threshold limit- claimant
Indemnity Bond (Promise that if there is any claim then the responsibility will be of the contender)
If needed, ‘No Objection’ letter will have to be given from other legal heirs.
Claims of more than Thrashold Limit-
Succession certificate
Or a certificate of legal heir
Or will have to give an affidavit.
Locker and safe custody claims
If the deceased customer has kept goods in the locker or safe custody in the bank and no nominee is registered, then the bank will have to process the claim within 15 days of getting all the documents. After this, the bank will tell the date of taking the inventory of the locker (list and handover of goods) to the claimant.
New rules of transparency
All banks will provide standard forms in their branches and on the website.
There will also be a details of the list and process of documents on the website.
With this, the customer will know which papers will have to be given in which situation.
Compensation on delay
Claims related to accounts- If the bank fails to settle the claim in the scheduled time and the mistake is from the bank, then it will have to pay compensation according to the bank rate + 4 percent annually.
Locker/safe custody- If there is a delay in time, then the bank will have to pay compensation to the claimant at Rs 5,000 per day.
