RBI cuts claim settlement to 15 days, scraps legal docs for accounts up to ₹15 lakh

The RBI has overhauled claim settlement rules for accounts of deceased customers, removing barriers that historically extended resolution timelines. Claims up to ₹15 lakh can now be processed without succession certificates, surety bonds, or other legal documents—a significant departure from prior practice.

Banks need only three pieces: a completed claim form, the customer's death certificate, and the claimant's ID or address proof. This stripped-down document set aims to reduce friction for families navigating bereavement while managing finances.