Overview

• The draft requires banks to use a uniform claim form and sets simplified documentation for nominees while imposing a ₹15 lakh threshold for non-nominee claims that triggers need for succession or heir certificates
• Banks must settle deposit account claims and initiate safe deposit locker inventories within 15 calendar days of receiving all required documents
• Delays attributable to banks will incur compensation at the Bank Rate plus 4% per annum for deposit settlements and ₹5,000 per day for locker or custody delays
• Banks are mandated to display the standardized forms, lists of required documents and detailed settlement procedures in all branches and on their websites
• After the consultation period ends on August 27, the final directions will apply to all commercial and cooperative banks from January 1, 2026