How your loved ones can access your bank money after death

Business Aug 08, 2025

The RBI just dropped a draft plan to help people get access to a loved one's bank money, lockers, or valuables faster after they pass away.
If there's no will or legal dispute, banks would have to release funds to nominees or survivors without demanding extra paperwork.

RBI is asking for public feedback on these rules

RBI is asking for public feedback on these rules until August 27.
The draft also says banks must pay extra interest if they delay settling deposit claims and could owe ₹5,000 per day for locker-related delays.
The whole process should be wrapped up within 15 days once all documents are in—making things way less stressful during tough times.