RBI to Streamline Settlement Processes for Deceased Customers' Accounts

The Reserve Bank of India (RBI) plans to implement standardized procedures for settling claims on deceased customers’ bank accounts and lockers within 15 days. The RBI invites feedback on its draft circular and specifies forms, documents, and compensation for delays in settlement, aiming to simplify and expedite the process.

The Reserve Bank of India (RBI) is set to introduce standardized procedures designed to streamline the process of settling claims on bank accounts and lockers of deceased customers, promising completion within 15 days.

The central bank has released a draft circular titled 'Settlement of Claims in Respect of Deceased Customers of Banks Directions, 2025,' and welcomes commentary by August 27.

According to the proposed regulations, banks must streamline documentation processes and ensure compensation for claims not settled on time, thus improving service quality and curtailing undue hardship for family members of the deceased customers.

(With inputs from agencies.)