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RBI eases claim settlement process of deceased customers
August 11, 2025
|Orissa POST
The Reserve Bank of India (RBI) plans to standardise forms to process claims on deceased customers’ bank accounts and lockers within a 15-day timeframe and provide compensation to nominees for any settlement delays.
The bank proposes to come out with standard procedures for the settlement of claims in respect of bank accounts, and articles kept in safe custody or safe deposit lockers of deceased bank customers. The aim is to make the settlement more convenient and simpler.
Towards this, the central bank has issued 'Draft Circular - Reserve Bank of India (Settlement of Claims in respect of Deceased Customers of Banks) Directions, 2025’ and invited comments and feedback on it by August 27.
"A bank shall use the standardised forms for receiving the claims and other documents...,” said the draft.
It also has provisions for compensation for delay in the settlement of claims.
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