The RBI has implemented a new rule to dispose of Nominee Claim of bank accounts and lockers in 15 days. Now the deceased person’s Nominee will get funds quickly and if the bank delays, they will also have to pay compensation, which includes the bank’s interest rate + 4% annual interest. This rule will be applicable to private and cooperative banks by 31 March 2026. The process which will not have Nominee and the deposit amount will be less than 5 lakhs in the cooperative bank or less than 15 lakhs in other banks. But if the amount is more than this, the bank can ask for additional documents like Succession Certificate and Legal Heir Certificate. This move of RBI is taken to dispose of the claim connected to the accounts of the deceased customers, so that customers can get better service and the process of documents is also easy and standardized. Nominee accounts closing from this rule will now be even more smooth and safe.
Nominee accounts closure after relative’s death! RBI made new strict rules. Paisa Live | Closing Nominee Accounts after the Death of a Relative Just Got Easier! RBI has introduced stricter new rules
