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Adopt simple method for claim settlement of deceased: RBI

RBI has asked banks to provide claim form for settlement of claims to any person who approaches the bank for such forms, so as to settle claims on time

September 04, 2013 1:30 IST | India Infoline News Service
The Reserve Bank of India directed all banks to adopt a simple procedure for hassle-free settlement of claims of a deceased depositor.

"We have been receiving feedback from public that banks are not following the simplified procedure as advised. Banks are therefore advised once again that they should strictly comply with the instructions for hassle-free settlement of claims on the death of a depositor," RBI said in a notification on Tuesday.

Further, it asked banks to provide claim form for settlement of claims to any person who approaches the bank for such forms, so as to settle claims on time.

"Claim forms may also be put on the bank's website prominently so that claimants of the deceased depositor can download the forms without having to visit the concerned bank," it added further.

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