RBI Rules: Settling Claims of Deceased Bank Customers
Why in the news
RBI standardised how banks handle deceased customers’ accounts and lockers in September 2025.
Key facts
- Deadline: 15 days after papers are complete; banks coordinate locker inventory with claimants.
- Uniform documents across banks.
- Paying a nominee or survivor discharges the bank’s liability.
Small-claim simplification
| Bank | Limit |
|---|---|
| Co-operative banks | ₹5 lakh |
| Other banks | ₹15 lakh, higher if bank chooses |
Rules for small claims
- For accounts with no nominee or survivorship clause.
- Larger claims may need a succession or legal heir certificate.
Compensation
- Deposits: Bank Rate + 4% per annum.
- Lockers and safe custody: ₹5,000 per delayed day.
- Banks must explain delays.