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RBI Rules: Settling Claims of Deceased Bank Customers

27 September 20251 min read
BANKING & FINANCERBI Rules: SettlingClaims ofDeceased BankCustomers27 September 2025safalsetu.com

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

BankLimit
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.

Test yourself

1. Within how many calendar days must banks settle claims of deceased customers once documents are complete?

RBI's directions fix a 15-day limit.

2. What is the simplified-procedure threshold for co-operative banks in RBI's deceased-customer claim rules?

Co-operative banks use ₹5 lakh; other banks ₹15 lakh.

3. What compensation applies per day of delay by a bank for lockers or safe custody articles?

The bank must pay ₹5,000 for each day of delay.