Bank Account: It will be easy to claim the bank account of the deceased, RBI will change the rules..

The Reserve Bank of India (RBI) has given a big gift to bank customers. Now, if someone dies, his family members will not have to face the same long procedures as before for bank account or locker-related work. RBI Governor Sanjay Malhotra informed about this customer-friendly step after the Monetary Policy Committee (MPC) meeting on 6 August 2025. He said, We are going to simplify and uniform the process of settling claims for the items kept in the bank accounts and lockers of deceased customers.

This will directly benefit those legal heirs or nominees who run around to resolve the bank-related matters of their loved ones. Till now, every bank had its process, which caused trouble and delay. Now, the RBI plans to implement the same standard process for all banks, so that every customer gets the same facility.

What are the rules now?

RBI had issued a circular on 18 August 2021, which lays down some rules for settling the cases of deceased customers. Every bank has to make a policy approved by its board for this, which is based on the Model Operational Procedure (MOP) suggested by the Indian Banks Association (IBA) or NABARD. Banks have to follow the rules for handing over the belongings kept in the locker or safe custody of the deceased to the nominee, in which the terms of the Banking Regulation Act 1949, Banking Companies (Nomination) Rules 1985, and the Indian Succession Act apply.

The time limit for settling claims is also fixed; it is necessary to settle the claim within 15 days after all the documents are complete. For this, a death certificate and confirmation of the identity of the nominee are necessary. Banks also have to ensure that the locker items go to the right person, and for this, every bank makes its own claim form. Also, banks have to periodically report to their customer service committee those cases where claims could not be settled within the stipulated time, so that the reason for the delay can be known and it can be rectified.

People will get great relief.

Many times, the family members of the deceased have to face a lot of difficulties in bank-related work. Especially in rural areas, this process seems very complicated. The different process of every bank and the demand for documents troubles people mentally and financially. RBI's new proposal is a big step towards removing all these problems. If a similar and clean process is implemented in all the banks, then lakhs of families will get great relief.

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