Banks will have to settle your deceased relatives' accounts faster
The RBI is pushing for banks to handle claims on accounts, lockers, and valuables of deceased customers much faster—proposing a strict 15-day deadline once all documents are in.
These draft rules are open for public feedback until August 27, 2025, and could kick in from January 2026.
Standard claim forms and document lists required
Banks would need to use standard claim forms and clearly list what documents are needed—both online and at branches.
If there's a nominee, you just need a claim form, death certificate, and ID proof.
No nominee? For claims up to ₹15 lakh, you'll also need things like indemnity bonds or no-objection letters.
What happens if banks miss the deadline?
For anything over ₹15 lakh, expect to provide a legal heir or succession certificate.
If banks miss the 15-day window, they'll owe extra interest on deposits plus ₹5,000 per day for locker delays—a real incentive not to drag their feet.