Banks must settle claims in 15 days: RBI's new rules
The Reserve Bank of India just rolled out new rules to help families get access to bank accounts and lockers when an account holder dies.
Now, banks have to settle these claims within 15 days—and if they don't, nominees are owed compensation.
The idea is to make this process less confusing and more consistent everywhere.
What about bigger claims?
For smaller claims (up to ₹15 lakh), you won't need complicated paperwork like succession certificates—just a death certificate, ID proof, and some basic forms.
However, banks will still require an indemnity bond from the claimant and, if needed, a no-objection from other legal heirs.
For bigger amounts or if there's a dispute, banks may still ask for legal documents or court orders.
Also, closing fixed deposits early won't come with penalties anymore.
Banks have until March 2026 to get all these changes in place, making things a bit kinder for families going through tough times.