Banks will have to settle claims in 15 days:Otherwise, compensation will have to be paid to the nominee of the deceased; Know RBI’s new rules in QA

The Reserve Bank of India has revised the rules for claim settlement. According to the new rules, banks will have to settle claims related to the bank account or locker of their deceased customers within 15 days. If there is a delay, the nominee will have to be compensated. With the Central Bank’s new guidelines, the different settlement rules for banks will become uniform, making it easier to resolve customer claims. RBI has also decided to standardize documentation to improve customer service. All banks in the country will have to implement the new rule before March 31, 2026. Read the answers to questions related to RBI’s new rules… 1. What rule has RBI made for claims of deceased bank customers? Answer: RBI issued new rules on Friday, September 26, under which claims for bank accounts or lockers of deceased customers must be settled within 15 days. If there is a delay, the nominee will receive compensation. 2. What is the objective of these rules? Answer: Their aim is to standardize the varying settlement processes in banks and improve customer service. Additionally, it aims to simplify the process by standardizing necessary documents. 3. Where will RBI’s new rule apply and where will it not? Answer: 4. If the account has a nominee or survivor clause, will the claim be received? Answer: If the account has a nominee or survivor clause, it will be the bank’s responsibility to pay the deceased’s account money to the nominee or survivor. 5. If the account does not have a nominee or survivor clause, how will the claim be settled? Answer: In such cases, if the claim amount is less than the threshold limit, the bank will have to adopt a simplified procedure. What is the threshold limit? – It is Rs 5 lakh for cooperative banks and Rs 15 lakh for other banks. Banks can also set a higher limit than this. If the amount is more than this, the bank may ask for additional documents such as a Succession Certificate or Legal Heir Certificate. 6. What is the rule for locker or safe custody claims? Answer: For locker or safe custody claims, the bank must process the claim within 15 days of receiving the necessary documents and must communicate with the claimant to fix the date for inventory of the locker or items. 7. What happens if there is a delay in settling the claim? Answer: Account Claims: If the claim is not settled within 15 days, the bank must state the reason for the delay. Additionally, for the period of delay, interest at Bank Rate + 4% per annum must be paid on the outstanding amount. Locker/Safe Custody Claims: If there is a delay in this, the bank must pay a compensation of Rs 5,000 for each day of delay. 8. How will these rules benefit the common people? Answer: These will make claim settlement faster and easier. Compensation will be provided in case of delay, ensuring banks work on time and customers receive better service.