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All banks in the country will have to implement the new guideline of RBI before 31 March 2026.
The Reserve Bank of India has revised the rules of claim settlement. According to the new rules, banks will have to settle their deceased customer’s bank account or locker claim in 15 days. If it is delayed, the nominee will have to pay compensation.
The new guidelines of the Central Bank will make the rules of different settlements of banks to be one, which will easily settle the claim of customers. RBI has also decided to standardize documentation to improve customer service. The new rule will have to implement all the banks of the country before 31 March 2026.
Read answers to questions related to RBI’s new rule…
1. What rules have RBI made for the claim of deceased bank customers?
answer: The RBI issued new rules on Friday, 26 September, under which the bank account or locker claim of deceased customers will have to settle in 15 days. If there is a delay, the nominee will get compensation.
2. What is the purpose of these rules?
answer: Their purpose is to unite the separate settlement process in banks and improve customer service. Also, standard the process is to make the process easier by standard.
3. Where will the new RBI rule apply and no said?
answer:
- Will apply here- These instructions of RBI will apply to all commercial banks and cooperative banks in the country. The new rules will apply to the claims of the deceased’s bank accounts, safe deposit locker and things kept in safe custody.
- Will not apply here- These instructions will not apply to government savings schemes that operate from banks, such as Senior Citizen Savings Scheme (SCSS), Public Provident Fund (PPF). In such cases the claims will be settled according to the rules or term and condition of the scheme.
4. If there is a nominee or survivor clause in the account, you will get a claim?
answer: If there is a nominee or a Survivor Claus in the account, then it will be the responsibility of the bank to give the money of the deceased’s account to the nominee or Survivor.
5. If the account does not have a nominee or survivor clause, how will the claim be settled?
answer: In such cases, if the amount of claim is less than the threshold limit, the bank will have to adopt an easy process.
What is the threshold limit?- This is Rs 5 lakh for cooperative bank and Rs 15 lakh for other banks. Banks can also decide more limits than this.
If the amount is more than this, the bank can ask for additional documents like success certificate or legal hair certificate.
6. What is the rule of the claim of locker or safe custody?
answer: For the claim of locker or safe custody, the bank will have to process the claim after receiving the necessary documents in 15 days and the claim will have to talk to the claim to decide the date of the locker or inventory of things.
7. What will happen if there is a delay in setting claim?
answer: Account claim: If the claim is not settle in 15 days, the bank would have to give the reason for the delay. Also, the bank rate + 4% annual interest will have to be paid on the outstanding amount for the delay period.
Locker/safe custody claim: If it is delayed, the bank will have to pay Rs 5,000 for every day’s delay.
8. What will be the benefit of common people from these rules?
answer: These will make the claim settlement faster and easier. On delay, compensation will be given, which will work on time and get better service to customers.
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