Overview

• The RBI issued the Reserve Bank of India (Settlement of Claims in respect of Deceased Customers of Banks) Directions, 2025, setting a uniform framework for deposits, lockers and safe-custody articles.
• Claims on deposit accounts must be settled within 15 calendar days of receiving required documents, with interest at not less than the Bank Rate plus 4% payable for bank-attributable delays.
• For safe-deposit lockers and articles in safe custody, banks must process claims and fix an inventory date within 15 days, with compensation of Rs 5,000 per day for delays.
• Where a nomination or survivorship clause exists, payment to the nominee or survivor constitutes a valid discharge of the bank’s liability after due verification.
• Accounts without nomination must follow a simplified path for smaller claims—up to Rs 5 lakh at co-operative banks and Rs 15 lakh at other banks—while larger amounts may require succession or legal-heir documents, and reasons for any delay must be communicated to claimants.