Thank you for your feedback. Based on the RBI advisory, Indian Bank’s Association (IBA) had circulated a Model Operational Procedure (MOP) for settlement of claims of deceased depositors. IBA had also finalized the guidelines for settlement of claims in respect of deceased locker-hirers/depositors of safe custody articles. All the Banks were advised to have a Board approved policy on claim settlement of deceased and missing persons. RBI also has, from time to time, issued detailed guidelines for evolving simplified procedure for settlement of claims in respect of deceased depositors as well as on various issues relating to safe deposit lockers/safe custody articles and settlement
of claims in respect of missing persons. RBI vide their Circular RBI /2021-2022/86DOR.LEG.REC/40/09.07.005/2021-22 dated 18.08.2021 issued revised
instructions on Safe Deposit Locker/Safe Custody Article Facility provided by the Banks.
Article is revised and reposted on 10.01.2025 to provide more information to readers.
Dear Sir
I am interested in the following article by Mr Surendra Naik in 2019.
https://bankingschool.co.in/deposits/procedure-for-claim-settlement-of-fcnr-nre-deposits-to-non-resident-nominees-and-others/
I was wondering if Mr Naik has law or policy references for the points he has helpfully provided. Would Mr Naik be open to providing some advice?
Thank you for your feedback. Based on the RBI advisory, Indian Bank’s Association (IBA) had circulated a Model Operational Procedure (MOP) for settlement of claims of deceased depositors. IBA had also finalized the guidelines for settlement of claims in respect of deceased locker-hirers/depositors of safe custody articles. All the Banks were advised to have a Board approved policy on claim settlement of deceased and missing persons. RBI also has, from time to time, issued detailed guidelines for evolving simplified procedure for settlement of claims in respect of deceased depositors as well as on various issues relating to safe deposit lockers/safe custody articles and settlement
of claims in respect of missing persons. RBI vide their Circular RBI /2021-2022/86DOR.LEG.REC/40/09.07.005/2021-22 dated 18.08.2021 issued revised
instructions on Safe Deposit Locker/Safe Custody Article Facility provided by the Banks.
Article is revised and reposted on 10.01.2025 to provide more information to readers.