New RBI Rule: Bank Account Claims of Deceased to Be Settled in Just 15 Days – Faster Relief for Families

If you’ve ever struggled with the slow and confusing process of settling a bank account or locker after a loved one’s passing, there’s good news. The Reserve Bank of India (RBI) has just announced a game-changing rule: banks must now settle claims from nominees within 15 days, and within 30 days if no nominee is registered. This update promises to make life easier for countless Indian families, cutting red tape and speeding up much-needed access to funds and valuables.Key Highlights of the New RBI Rule15-Day Claim Settlement: For all accounts with a registered nominee, banks are now required to process and hand over the claimed amount, items in lockers, or other custodial valuables within 15 days.30-Day Settlement Without Nominee: If there’s no nominee, the claim settlement must be completed within 30 days—bringing much needed certainty and relief.Uniform, Simple Process: RBI’s aim is to bring transparency and consistency across all banks, eliminating excessive paperwork and frequent branch visits for grieving families.Includes Bank Accounts & Lockers: The rule applies to savings and fixed deposit accounts, as well as items in safe deposit lockers and other custodial services.Why This Rule MattersThe process of claiming a deceased person’s assets from banks often turned into a bureaucratic maze, with families making multiple trips, submitting endless paperwork, and sometimes waiting months for closure. By setting a strict, nationwide deadline, the RBI is determined to reduce hardship and promote customer convenience.RBI Governor Sanjay Malhotra explained, “Our aim is to make claim settlement simple and convenient for families... The new rules bring transparency in this process and fix a deadline for settlement.”Other Major RBI AnnouncementsImproved Retail Direct Platform: Investing in government securities will become easier for everyday investors, with new user-friendly features coming soon.Jan Dhan Account Re-KYC Camps: From July 1 to September 30, special camps will help account holders complete re-KYC for Pradhan Mantri Jan Dhan Yojana accounts, plus get information on micro-insurance, pensions, and grievance redressal.