New Delhi: The Reserve Bank of India (RBI) has issued a draft circular, “Reserve Bank of India (Settlement of Claims in respect of Deceased Customers of Banks) Directions, 2025”, and invited public feedback on it by August 27.
RBI’s new rules makes settlement of claims on accounts, lockers of deceased customers faster and easier. Under the proposal, banks will have to use standardised forms to receive claims and related documents from nominees or legal heirs. These forms will be available in all bank branches as well as on their websites, along with a list of required documents and the step-by-step procedure for claim settlement.
Claims On Accounts, Lockers Of Deceased Customers: Documents Required
The draft says that if a nominee is named in a deposit account or locker, they will need to submit a claim form, the deceased customer’s death certificate, and proof of their own identity and address.
The central bank has said that the following documents shall be obtained by a bank in this regard for processing the claim:
1. Claim form, as given in Annex I-A, duly signed by the survivors/ nominees;
2. Death certificate; and
3. Officially Valid Document of the survivor/ nominee towards verifying her/ his identity and address.
A bank shall, however, ensure the following before giving access to the contents to the nominees/ survivors:
1. Exercise due care and caution in establishing the identity of the nominees/ survivors and deceased status of the locker hirers by obtaining appropriate documentary evidence (physical or equivalent e-document);
2. There is no order or direction as on date from Courts/ Forums restraining the nominees/ survivors or the bank from giving access to the locker of the deceased customer and liberty to remove the contents of such locker; and
3. Make it clear to the nominees/ survivors that access to and liberty to remove the contents of the locker is given to them only as a trustee of the legal heirs of the deceased locker hirer, i.e., such access and liberty to remove the contents given to them shall not affect the right or claim which any person may have against the nominees/ survivors to whom the access is given.
Claims On Accounts, Lockers Of Deceased Customers Claim Threshold
Banks will have to set a claim threshold of at least Rs 15 lakh. Claims up to this limit will require documents such as an indemnity bond and a no-objection letter from other legal heirs. For higher claim amounts, additional legal documents like a succession certificate or legal heir certificate will be needed.
No Nomination By Locker Hirer
In case where the deceased locker hirer had not made any nomination or where the joint hirers had not given any mandate that the access may be given to one or more of the survivors by a clear survivorship clause, a bank may obtain the following documents to settle the claims without obtaining any legal documentation such as succession certificate, letter of administration, etc. provided there is no dispute amongst the legal heirs:
1. Claim form, as given in Annex I-B, duly filled and signed by the claimant legal heirs;
2. Death certificate;
3. Officially Valid Document of the claimants towards verifying his/ her identity and address;
4. Letter of disclaimer/ no objection, as given in Annex I-D, from non-claimant legal heirs, if applicable; and
5. Legal Heir Certificate issued by a competent authority or Declaration regarding the legal heirs of the deceased locker hirer as given in Annex I-E, sworn as an affidavit before a Judge/ Judicial Magistrate, by an independent person who is well known to the family of the deceased but unconnected with it and acceptable to the bank.