What changed
RBI reiterated that banks must comply with the 2005 simplified procedure for deceased depositor claims, as public feedback indicated non-compliance. Additionally, banks are now required to provide claim forms to any person approaching a branch and to upload these forms prominently on their websites for download.
What it means for you
Banks must ensure hassle-free settlement of deceased depositor claims by strictly adhering to the existing simplified procedure. Placing claim forms online reduces the need for claimants to visit branches, speeding up the process and improving customer experience. Non-compliance may attract regulatory scrutiny.
What you must do
- Ensure all branches strictly follow the 2005 simplified procedure for deceased depositor claims.
- Upload claim forms prominently on the bank's website for easy download by claimants.
- Provide physical claim forms to any person requesting them at branches without delay.
- Review internal processes to eliminate delays in claim settlement and address public feedback.
Who it affects
All scheduled commercial banks (excluding RRBs), Branch managers handling deceased depositor claims, Legal and compliance departments, Customers and claimants of deceased depositors
What is the simplified procedure for deceased depositor claims?
The procedure was specified in RBI circular DBOD.No.Leg.BC.95/09.07.005/2004-05 dated June 9, 2005. Banks must refer to that circular for details.
Do we need to put claim forms on our website?
Yes, RBI mandates that claim forms be placed prominently on the bank's website so claimants can download them without visiting a branch.
What if we are already following the procedure?
Ensure continued compliance and verify that all branches are adhering to the instructions, as public feedback indicated non-compliance.