Revamped RBI Norms for Deceased Customer Claims: Efficient Settlements in Focus

The Reserve Bank has issued new norms for settling claims on deceased customers' bank accounts and lockers, mandating a 15-day settlement period and compensation for delays. This aims to standardize procedures across banks and enhance customer service in handling such claims, with full implementation expected by March 2026.

The Reserve Bank of India (RBI) announced new guidelines to expedite the settlement of claims for deceased customers' bank accounts and lockers within a 15-day window, enhancing the efficiency and transparency of such processes.

The RBI's revised directives, aimed at unifying the varied practices of different banks, ensure a standardized documentation procedure to improve the quality of customer service. These guidelines, under the 'RBI (Settlement of Claims in respect of Deceased Customers of Banks) Directions, 2025', are to be implemented by March 31, 2026.

Emphasizing on swift claims processing, the RBI mandates compensation for delays caused by banks, ensuring accountability. The new rules also define thresholds for simplified claims settlement and outline necessary documentation for claims exceeding these limits.

(With inputs from agencies.)