Mumbai, August 11, 2025 — The Reserve Bank of India (RBI) has proposed a set of uniform procedures for the settlement of claims relating to bank accounts, safe deposit lockers, and articles kept in safe custody of deceased customers. The move seeks to make the process faster, simpler, and more transparent for claimants.
The central bank has issued a draft circular titled *”Reserve Bank of India (Settlement of Claims in respect of Deceased Customers of Banks) Directions, 2025″* and invited comments from stakeholders and the public by August 27, 2025.
Highlights of the Draft Directions
* Minimum Settlement Threshold – Banks must fix a settlement threshold in accordance with their risk management framework, subject to a minimum of ₹15 lakh.
* Time-bound Processing – Claims on deposits must be settled, and locker inventory initiated, within 15 days of receiving a valid claim.
* Compensation for Delay – Banks will be liable to compensate claimants for delays beyond the prescribed period.
* Comprehensive Coverage – The guidelines will apply to deposit accounts, safe deposit lockers, and items kept in safe custody.
The RBI’s initiative is aimed at creating a standardised and customer-friendly framework across the banking sector, reducing procedural hurdles in sensitive cases involving the demise of account holders.
