No nominee? How to access deceased person's bank account
The RBI just dropped draft rules to help families get access to a deceased person's bank accounts and lockers way faster, with less paperwork.
The goal? Cut delays, reduce hassle, and make sure people aren't stuck waiting for funds when they need them most.
If there's a nominee
If there's a nominee or survivorship clause on the account, banks have to release the money once you provide a claim form, death certificate, and ID—no more running around for succession certificates or indemnity bonds.
The nominee basically acts as a trustee for legal heirs unless there's a will or court order in play.
If there's no nominee
For accounts without nominees, claims up to ₹15 lakh can be settled with basic documents like legal heir certificates or disclaimers; bigger claims will need more proof like succession certificates.
There are also smoother rules for accessing safe deposit lockers and closing term deposits early without penalties.
Draft rules open for feedback until August 27
RBI is asking everyone for feedback on these draft rules until August 27, 2025.
After reviewing the feedback, the RBI aims to finalize the guidelines to help families spend less time on paperwork and more time healing.