RBI Issues New Rules to Ease Settlement of Deceased Customers’ Bank Accounts

The Reserve Bank of India notified new rules to simplify the settlement of accounts of deceased bank customers, providing relief to families.

The Settlement of Claims in respect of Deceased Customers of Banks Directions issued on September 26, 2025, aim to eliminate inconsistent practices that banks have followed for decades

The rules cover accessing funds, safe deposit lockers, and other articles in custody after a customer’s death. Nominees or survivors need only submit a claim form, death certificate, and proof of identity.

All commercial and cooperative banks have been instructed to implement the rules by March 31, 2026.