Banks must settle claims on deposit accounts, lockers within 15 days
The Reserve Bank of India (RBI) just rolled out new rules to make life a little easier for families after a customer passes away.
Banks must implement the new rules as soon as possible, but no later than March 31, 2026, after which they must settle claims on deposit accounts and lockers within 15 days once all the paperwork is in.
The move aims to cut down on delays and make the whole process less stressful.
Key highlights of the new rules
If there's a nominee listed, they can get the money directly—no hassle.
For accounts without nominees, smaller claims (under ₹5 lakh in cooperative banks or ₹15 lakh in other banks) will be handled through a simpler process.
If banks drag their feet, they'll have to pay at least 4% annual interest for deposit delays or cough up ₹5,000 per day for locker claim holdups.