RBI moots standardised forms for claim settlement related to banks deceased customers

Mumbai plans to standardize the forms to process the forms of deceased customers about the bank accounts and cabinets of deceased customers in a 15 -day period and compensation for any settlement delay.

The Indian Reserve Bank (RBI) proposes to emerge with standard procedures for resolving requests for bank accounts, and articles held in secure detention or secure deposit cabinets of deceased bank customers. The aim is to make the placement more suitable and simpler.

Towards this, the Central Bank ‘s draft TAIL – India Reserve Bank (the settlement of allegations of the deceased customers of banks), 2025’ and invited comments and feedback until 27 August.

“A bank will use standard forms to get demands and other documents …” the draft said.

In addition, there are compensation provisions for delay in the resolution of allegations.

The draft said that if a candidate is provided in deposit accounts or cabinets, a request form, the death certificate (the deceased customer) and the candidate/salvation will have an official valid document to verify the identity and address.

According to the draft, a bank must adopt a simplified procedure for the resolution of demands in the deposit accounts that a deceased deposit does not nominate any nominations, which takes into account the compulsory need to prevent the discomfort and unnecessary difficulties for the plaintiff/ legal heir.

In order to solve such allegations, a bank based on risk management systems must correct at least one threshold limit. La15 Lakh.

In the event of a request amount to the threshold limit, additional documents such as compensation/ bail bond signed by the request holders and a waiver/ objection letter from the unfair legal heirs shall be required.

A request amount on the threshold limit, a successor certificate or a legal heir certificate issued by an authorized authority or a declaration of the legal heirs of the deceased warehouse shall also be required.

The draft is also included in the safe detainees held by the customer who died in the cases that are required to solve the requests in a cash register.

In addition, a bank in relation to the deposit accounts of a deceased customer, all the necessary documents related to the request from the date of receipt of 15 calendar days should make a request within a period of time, he said.

The draft, “Safe Deposit Cabinet/ In case of safe detainees, the bank will process the request to the plaintiff and communicate within 15 days after receiving all the necessary documents, to correct the date of the inventory of the cabinet/ articles. He said.

According to the draft, the standard forms and other documents required to solve the requests related to the demands of the deposit/ cash deposit cabinet/ articles in safe detention held by a deceased customer must be presented in all branches and the bank’s website.

Banks should also show the list of documents to be sent by a plaintiff on their websites and the procedure to be followed for solving the requests in various scenarios.

On the delay compensation in the resolution of the demands, the draft, if no request is made about the deposit, does not settle within the foreseen time period, the bank should convey the reasons for this delay to the plaintiffs, he said.

“Furthermore, in case of a delay attributed to the bank, the claim for the claimant due to the delay time, the amount paid to the judges, to the judges, to the judges, to the plaintiffs, to pay the amount of the bank to obtain all necessary documents and to obtain all necessary documents.

Secure Deposit Cabinet/ Articles The Bank will pay compensation to the plaintiffs with the demands of safe detention. La5,000 for every day of the delay, in cases where it does not comply with the envisaged timeline.

RBI, while exporting draft instructions, the candidacy facility in the deposit accounts, safe deposit cabinets and secure detainees articles, banks on the death of a deceased customer to solve the demands of the demands of the purpose of facilitating the difficulty causing the difficulties to minimize the difficulties, he said.

Furthermore, in cases where the candidacy is not registered, the existing instructions require banks to adopt a simplified procedure up to the threshold limit.

“However, it is observed that different applications are followed by banks. Therefore, it has been decided to review the existing instructions and to organize revised arrangements to standardize the documents in order to facilitate the procedures and to improve the quality of customer service.” He said.

The RBI recommends the application of revised arrangements as quickly as possible, but at the latest 1 January 2026.