RBI Standard Claim Forms: The Reserve Bank of India is planning a change in the way banks handle the accounts and lockers of customers who have passed away. The goal is to make the process much easier and quicker for families. RBI has put out a draft circular called ‘Draft Circular: Reserve Bank of India (Settlement of Claims in respect of Deceased Customers of Banks) Directions, 2025’ and has asked people to share their comments on it before August 27.
The central bank says this new plan will bring standard forms and steps for all banks so there is no confusion.
“A bank shall use the standardised forms for receiving the claims and other documents…,” the draft says. It also makes it clear that banks will have to give compensation if they delay the settlement.
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If there is a nominee named for a deposit account or locker, the nominee just needs to give a claim form, the death certificate of the customer, and an officially valid document to prove their own identity and address. RBI also wants banks to keep things simple even when there is no nominee. The draft says banks must have an easy way for legal heirs to claim the money, so they don’t have to go through too much trouble, reoprted Mint.
Threshold limits
Banks will be able to set a limit for such claims based on their own risk systems, but it cannot be less than ₹15 lakh. For claims up to that limit, the claimant will also need to provide documents like a bond of indemnity or surety, and if there are other legal heirs who are not claiming, a no-objection letter from them.
If the claim is above the set limit, then the person will need to provide a succession certificate, or a legal heir certificate from the right authority, or a declaration about who the legal heirs are. The draft also lists which documents will be required for lockers and safe custody items when there is no nominee.
Documents required
The RBI says banks should not take more than 15 days from the time they receive all the needed documents to settle a claim for deposit accounts. For lockers and safe custody items, they must process the claim within 15 days and then inform the claimant about the date to take inventory of the locker or items.
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“In case of safe deposit locker/ articles in safe custody, the bank shall, within 15 days of receipt of all the requisite documents, process the claim and issue communication to the claimant for fixing the date for taking inventory of the locker/ articles in safe custody,” the draft says.
Compensation for Delays
The draft also says all banks must keep the standard forms and document lists in every branch and on their websites, along with the full process for different situations. If the claim is delayed, the bank has to explain the reason to the claimant.
“Further, in cases of delay attributable to the bank, compensation shall be paid to the claimants by the bank in the form of interest, at a rate not less than the prevailing Bank Rate plus 4 per cent per annum, on the settlement amount due for the period of delay. The reference date for reckoning the amount due and the prevailing Bank rate shall be the date of receipt of all requisite documents from the claimant,” the draft says.
For lockers and safe custody articles, the penalty will be ₹5000 for each day of delay if the bank fails to meet the timeline. RBI says the nomination facility in deposit accounts, lockers, and safe custody is meant to make claim settlements faster and to reduce the difficulty for families.
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When there is no nomination in current scene, the RBI rules already say banks should have a simple process for claims up to a certain limit. But RBI notes that different banks are following different ways of doing this, which is why it has decided to review the rules and bring new ones.
“However, it is observed that divergent practices are being followed by banks. Hence, it has been decided to review the extant instructions and issue revised regulations to streamline the procedures and standardise the documentation to bring improvement in the quality of customer service in this regard,” it says.
