RBI proposes simplified claim settlement for deceased customers’ accounts and lockers

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  • Last Updated on 8 August, 2025

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RBI claim settlement deceased customers bank accounts deposit lockers legal heirs RBI draft rules claim process simplification

PR No. 2025-2026/852; dated: 06.08.2025

RBI’s Move to Standardise Claim Settlement Process

The Reserve Bank of India (RBI) had earlier announced its intent to streamline and standardise the procedure for settling claims related to deposit accounts of deceased customers. This step aims to ensure consistency, reduce delays, and make the process more transparent across banks.

Draft Circular Issued for Public Feedback

In line with this initiative, the RBI has now issued a draft circular detailing the proposed standardised framework. The draft outlines specific measures to simplify claim settlements, ensuring that both customers and banks have clear guidelines to follow.

Simplified Settlement for Claims up to ₹15 Lakh

One of the key proposals is the introduction of standardised claim forms and other essential documents to be used by all banks. For claims up to ₹15 lakh, the process will be simplified, allowing settlement on the basis of basic documentation without the need for extensive legal proofs.

Additional Requirements for Higher Value Claims

For claims exceeding ₹15 lakh, the draft circular proposes stricter documentation requirements. Such cases must be supported by additional legal documents, including a succession certificate and a legal heir certificate, ensuring that the settlement process remains secure and legally compliant.

Click Here To Read The Full Press Release 

 

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Author: Taxmann

Taxmann Publications has a dedicated in-house Research & Editorial Team. This team consists of a team of Chartered Accountants, Company Secretaries, and Lawyers. This team works under the guidance and supervision of editor-in-chief Mr Rakesh Bhargava.

The Research and Editorial Team is responsible for developing reliable and accurate content for the readers. The team follows the six-sigma approach to achieve the benchmark of zero error in its publications and research platforms. The team ensures that the following publication guidelines are thoroughly followed while developing the content:

  • The statutory material is obtained only from the authorized and reliable sources
  • All the latest developments in the judicial and legislative fields are covered
  • Prepare the analytical write-ups on current, controversial, and important issues to help the readers to understand the concept and its implications
  • Every content published by Taxmann is complete, accurate and lucid
  • All evidence-based statements are supported with proper reference to Section, Circular No., Notification No. or citations
  • The golden rules of grammar, style and consistency are thoroughly followed
  • Font and size that's easy to read and remain consistent across all imprint and digital publications are applied