| Notification Detail :
RBI/2025-26/82
DoR.MCS.REC.50/01.01.003/2025-26
September 26, 2025
Reserve Bank of India (Settlement of Claims in respect of Deceased Customers of Banks) Directions, 2025
Introduction
The nomination facility in deposit accounts, safe deposit lockers and articles in safe custody under the provisions of Sections 45ZA to ZF of the Banking Regulation Act, 1949 read with Section 56 of the Act ibid is intended to facilitate expeditious settlement of claims by banks upon death of a deceased customer and to minimise hardship caused to the family members. Further, in cases where nomination is not registered, the extant instructions require banks to adopt a simplified procedure for settlement of the claims up to a threshold limit. However, it is observed that divergent practices are being followed by banks. Hence, it has been decided to review the extant instructions and issue revised regulations to streamline the procedures and standardise the documentation to bring improvement in the quality of customer service in this regard.
Preliminary
A. Preamble
2. These Directions are issued to provide a harmonized framework and to standardise the documentation 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.
B. Powers Exercised
3. In exercise of the powers conferred under Sections 35A, 45ZC(3) and 45ZE(4) of the Banking Regulation Act, 1949 read with Section 56 of the Act ibid, the Reserve Bank of India (hereinafter called the Reserve Bank), being satisfied that it is necessary and expedient in public interest to do so, hereby, issues the Directions hereinafter specified.
C. Short Title
4. These Directions shall be called the Reserve Bank of India (Settlement of Claims in respect of Deceased Customers of Banks) Directions, 2025.
D. Effective Date
5. Instructions issued vide these Directions shall be implemented as expeditiously as possible but not later than March 31, 2026.
View Attachment
|
