RBI Draft Rules: 15-Day Settlement of Deceased Customers’ Claims
Why in the news
The Reserve Bank drafted uniform norms for claims on accounts and lockers of deceased customers.
Key facts
- Compulsory standard forms and document checklists.
- Delay penalty for lockers: ₹5,000 per day.
| Case | Requirement |
|---|---|
| Nominee exists | Claim form, death certificate, identity and address proof |
| No nominee | Bank-set threshold of at least ₹15 lakh for simple settlement; indemnity or surety bond and no-objection letters from other legal heirs |
Objective
- Reduce hardship for legal heirs and raise transparency.
Exam angle
- Timeline: 15 calendar days.
- Interest on delay: Bank Rate + 4%.
- Minimum threshold: ₹15 lakh.