SMTA/CIR/RBI/2025-26/82
DoR.MCS.REC.50/01.01.003/2025-26
Date: September 26, 2025
Reserve Bank of India (Settlement of Claims in respect of Deceased Customers of Banks) Directions, 2025
I. 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.
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The Surgical Manufacturers & Traders Association