MUMBAI: RBI has issued new rules on Friday that in the event of a bank customer’s death, deposits of up to Rs 15 lakh can be claimed by their nominees through a simplified process. For co-operative banks, the limit has been set at Rs 5 lakh.RBI’s new norms have standardised procedures across banks for deposits, safe deposit lockers, and articles in safe custody. The framework replaces earlier circulars and introduces uniform documentation, thresholds, and timelines. The new rules have to be implemented by the end of the current fiscal.For deposits without a nominee, survivorship clause, or will – and where there is no court order or contesting claim – banks must settle claims on submission of a claim form, death certificate, valid ID of the claimant, an indemnity bond, and, if applicable, a letter of disclaimer from other heirs. A legal heir certificate or a declaration by an independent person acceptable to the bank is also required. Banks cannot demand a third-party surety bond for claims within the threshold.RBI has fixed a 15-day deadline for banks to settle deposit claims after receiving all documents. For lockers and safe custody articles, banks must contact claimants and set an inventory date within 15 days. Delays will attract penalties – interest at bank rate plus 4% per annum for deposits, and Rs 5,000 per day for lockers and safe custody items.Banks have been directed to implement the new rules at the earliest, and no later than March 31, 2026.
