Reserve bank of india
The Reserve Bank of India (RBI) has given a big gift for bank customers. Now if someone dies, then his family will not have to struggle with long-wide procedures for the work related to bank account or locker. RBI Governor Sanjay Malhotra gave information about this customer friendly step after the Monetary Policy Committee (MPC) meeting on 6 August 2025. He said, we are going to easily and uniform the process of disposing of claims of goods kept in bank accounts and lockers of the deceased customers.
This will directly benefit those legal heirs or nominees who run around to resolve the matters related to the bank of someone close. Till now every bank had its own separate process, which caused trouble and delay. Now RBI plans that the same standard process should be applicable for all banks, so that every customer gets the same facility.
What are the rules now?
The RBI issued a circular on 18 August 2021, stating some rules to settle the matters of the deceased customers. Every bank has to formulate a policy for this from its board, according to the Indian Banks Association (IBA) or NABARD’s suggested Model Operational Procedure (MOP). Banks have to follow the rules for handing over the goods kept in the locker or safe custody of the deceased to the nominee, in which the Banking Regulation Act 1949, Banking Companies (Nomination) Rules 1985 and the conditions of the Indian Success Act apply.
The deadline for disposal of claims is also fixed, it is necessary to settle claim within 15 days on completion of all the documents. This requires confirmation of death certificate and identity of nominee. Banks also have to ensure that the locker goods are found only by the right person, and every bank makes its different claim form for this. Also, banks have to report from time to time to their Customer Service Committee, where the claim is not dealt with in the scheduled time, so that the cause of the delay could be known and corrected.
People will get big relief
Right now many times the family members of the deceased have to face a lot of difficulties in the work related to the bank. Especially in the village and countryside, this process looks very complicated. Different procedures of every bank and demand for documents make people mentally and financially. The new proposal of RBI is a big step towards removing all these troubles. If the same and clean process is implemented in all banks, then millions of families will get great relief.