reserve Bank of India
The Reserve Bank of India (RBI) issued new rules on Friday, under which the claims associated with bank accounts and lockers of the deceased customers will have to settle in 15 days and the fund will have to be given to their nominee. If the bank delays, then the nominee will also have to pay compensation. These rules have been made to settle the claims of deceased customers quickly and uniformly. Also, the process of documents has been easier and standard so that customers get better service. RBI said that these rules will be implemented by 31 March, 2026.
What will be applied to these things?
These rules will be applicable to the claims of the deceased’s deposited accounts, safe lockers and safe goods kept in the bank. If the account has enrollment or survivor clause, the bank will have to pay the outstanding amount to the nominated person or survivor and it will be considered as the bank’s responsibility. If the claim amount is low i.e. up to 5 lakhs for cooperative banks and up to 15 lakh for other banks, then the bank will have to adopt an easy process. At the same time, if the amount is more than this, the bank can ask for succession certificate or legal documents.
Rules for locker and safe goods
There are also rules for the locker or claims of safe goods of the deceased. The bank will have to settle the claim in 15 days of getting all the necessary documents and after talking to the claimant, the date of making the inventory of the locker will have to be fixed.
What will happen when the delay?
- Claims of deposit accounts- If the bank does not settle the claim in 15 days, then it will have to give the reason for the delay. Also, the bank interest rate prevalent on the disposal amount for the delay period + 4% annual interest will have to be paid.
- Locker claims- If the claim of locker or safe goods is delayed, then the bank will have to pay a compensation of Rs 5,000 for every day.
These rules are for the convenience of the customers so that the claims or lockers of the deceased can be dealt with quickly and correctly. The purpose of making the process easier and transparent is so that nominees do not have trouble.