Nominee, survivorship clause can ease heirs' bank account, locker claims

For claims without a nominee, heirs should be prepared to submit succession certificates or letters of administration for larger amounts

To ease the burden on nominees and legal heirs, the Reserve Bank of India (RBI) has proposed new norms requiring banks to settle claims related to deposit accounts and safe deposit lockers within 15 days of receiving a request, through the use of standardised forms and uniform procedures.

 

The draft directions, open for feedback until August 27, also prescribe compensation for delays. The revised norms will be implemented from January 1, 2026.

 

Claim settlement thresholds 

Currently, Indian banks have their own claim settlement thresholds—typically ranging between ₹5 lakh and ₹10 lakh—above which extra documentation and verification are required. Claims below