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Corporate Laws Central Ministry of Finance Reserve Bank of India Act, 1934

RBI issues RBI (Settlement of Claims in respect of Deceased Customers of Banks) Directions, 2025

26-Sep-2025 | RBI/2025-2026/82 DoR.MCS.REC.50/01.01.003/2025-26

RBI has issued the RBI (Settlement of Claims in respect of Deceased Customers of Banks) Directions, 2025 with effect from 26th September 2025. Key Highlights of the directions are as follows: 1. These Directions provide for a framework and a standardised documentation procedure for settlement of claims in respect of deposit accounts, safe deposit locker and articles in safe custody of a deceased customer, and to minimise the difficulties faced by the nominees, survivors and legal heirs. 2. The applicability includes all commercial banks and co-operative banks except in case of Government savings schemes administered by banks such as Senior Citizen Savings Scheme (SCSS), Public Provident Fund (PPF), etc. 3. Para 16(a) of the direction provides for giving access of the locker to nominee(s) with liberty to remove the contents of the locker, in case a sole locker hirer nominates an individual(s) to receive the contents in the locker in case of her/ his death. 4. As per Para 31, the bank is required to settle a claim in respect of deposit accounts of a deceased customer within a period not exceeding 15 calendar days from the date of receipt of all the required documents associated with the claim. Also, it shall be noted that the instructions issued vide these Directions shall be implemented as expeditiously as possible but not later than March 31, 2026. For more information, please refer to the attached document.

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