India’s Reserve Bank has simplified the process for legal heirs and nominees to access bank deposits after an account holder’s death, with clearer procedures and a fixed settlement timeline to reduce delays during difficult times.
Losing a family member is hard enough without the added stress of trying to recover money left in a bank account. India’s central bank has said the process has been streamlined, with a clearer claim procedure and a fixed timeline for settlement, so that nominees and legal heirs are not left making repeated visits to a branch.
According to the Reserve Bank of India’s guidance, the first step is to go to the bank’s branch or website, complete the claim form and submit it with the required documents. Once the paperwork is in order, the bank is expected to settle the claim within 15 days. The central bank has also used public messaging to explain the process in simple terms, saying families should not have to struggle through avoidable delays at an already difficult time.
The RBI has placed particular emphasis on nomination. Under the bank’s nomination framework, account holders are encouraged to register a nominee because that can make the claim process much smoother after death. Industry summaries of the RBI’s 2025 nomination directions say banks must offer the facility when accounts are opened, explain its benefits clearly and allow customers to opt out if they choose, provided they give a written declaration or the refusal is recorded.
That matters because a nominee and a legal heir are not always the same person. Banking guidance notes that the nominee may simply be the person authorised to receive the money from the bank, while the eventual ownership of the funds can still depend on succession law. In practice, that means families should check both the bank’s claim requirements and their wider legal position, especially if there is no nomination on file or if more than one heir may have a claim.
The RBI has said the easiest way to understand the process is through its own consumer guidance materials, including its public information portal. For families dealing with the death of an account holder, the central bank’s message is straightforward: keep the account details, nomination records and supporting papers ready, and the claim should move through the bank more quickly than before.
Disclaimer: This article is intended to inform and educate, not to recommend or endorse any financial product, investment or strategy. Please consider your own financial circumstances and seek professional advice where appropriate before making financial decisions.
