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How to claim a deceased person's bank account in 2026: RBI's ₹15 lakh threshold and 15-day rule
Claiming a deceased person's bank account under RBI's 2026 rules: nominee route, the ₹15 lakh simplified procedure, wills, 15-day deadline.
From 1 April 2026, banks must settle claims on a deceased customer's accounts under a standard RBI procedure. If there is a nominee or a surviving joint holder, the bank pays on a claim form, the death certificate and the claimant's ID, and it must not ask for a succession certificate, probate or indemnity, whatever the amount. If there is no nominee, no will and no dispute, the bank must use a simplified procedure for balances below a threshold of ₹15 lakh (or a higher limit the bank sets), based on a claim form, an indemnity bond, no-objection letters from other heirs and a legal heir certificate or a declaration by a respected independent person. The bank must settle within 15 calendar days of receiving all documents, or pay interest for the delay at at least the Bank Rate plus 4% a year.
This guide is part of the estate planning checklist. The rules are in the RBI (Commercial Banks – Responsible Business Conduct) Directions, 2025, as updated, section E. Similar directions apply to other bank categories, but the threshold differs: RBI set it at ₹5 lakh for co-operative banks (or higher if the bank chooses) when it announced the framework in September 2025, against ₹15 lakh for other banks.
Which route applies to you
| Situation | Route | Documents |
|---|---|---|
| Nominee or survivor | Direct payment | Claim form (nominee/survivor version), death certificate, ID and address proof of the claimant |
| No nominee, no will, no dispute, balance below threshold | Simplified procedure | Claim form, death certificate, claimant's ID, indemnity bond, no-objection letters from non-claimant heirs, and a legal heir certificate or a declaration by an independent person known to the family |
| No nominee, no will, no dispute, balance above threshold | Heirship proof required | Succession certificate or a legal heir certificate or notarised affidavit by an independent person, plus indemnity and no-objection letters; the bank may ask for a third-party surety |
| Will, no dispute | Will route | Probate or letters of administration as applicable, but the bank may act on the will without probate if it is satisfied, with indemnity and no-objection letters |
| Any dispute between heirs or beneficiaries | Court route | Probate, letters of administration, succession certificate or court decree |
No third-party surety may be asked for claims up to the threshold, or for claims under a will. Government schemes such as PPF and SCSS follow their own scheme rules, not this procedure.
Step by step
- Get the death certificate, several copies.
- Ask the bank for its claim forms. Many banks let you lodge claims online and track status. Originals can be shown at any branch.
- Identify the route using the table above.
- Collect signatures. In the simplified procedure every heir either signs the claim form or gives a no-objection (disclaimer) letter.
- Submit and get an acknowledgement, with the date. The 15-day clock starts when the bank has all required documents.
- Term deposits can be closed early without penalty on the depositor's death, even in a lock-in period.
- Follow up. If the bank delays, ask for the reasons in writing; it must give them. Then complain to the bank's grievance officer and, after 30 days, to the RBI Ombudsman.
Worked example 1: simplified procedure (illustrative)
Ravi died without a nomination, will or dispute. His savings account has ₹4,20,000 and an FD has ₹6,00,000 with accrued interest of ₹30,000. Total payable: ₹10,50,000, below the ₹15 lakh threshold.
His widow claims. His mother and two children are the other heirs under the Hindu Succession Act. The widow submits the claim form, death certificate, her ID, an indemnity bond, no-objection letters from the mother and children (the children being adults), and a legal heir certificate from the Tahsildar. The bank must settle within 15 days. No court fee is paid.
Compare the court route: at an assumed 2% court fee, a succession certificate for ₹10.5 lakh would cost ₹21,000 in court fee alone, plus advocate's fees, plus months of delay. Try the cost calculator.
Worked example 2: compensation for delay (illustrative)
A nominee submits all documents on 1 July for ₹8,00,000. The bank settles on 31 July, 30 days later, 15 days late, and the delay is attributable to the bank. Assume the Bank Rate on 1 July was 5.75%, so the minimum compensation rate is 9.75% a year.
- Compensation = ₹8,00,000 × 9.75% × 15 ÷ 365 ≈ ₹3,205
The Bank Rate changes with RBI policy, so check it on the RBI website for your date. For lockers, the bank must process the claim and fix an inventory date within 15 days, failing which it pays ₹5,000 per day of delay.
Lockers and safe custody
- With a nominee or survivor: the bank gives access and lets them remove the contents after an inventory, under the hirer's mandate.
- Without: the bank follows its board-approved procedure, which mirrors the deposit rules, and releases contents to the legal heirs after inventory.
- The bank must publish its procedure for nominees, survivors and heirs on its website and give a printed copy.
To avoid all of this for your own family, see how bank nominations with up to four nominees work. Shares and mutual funds are claimed through a separate transmission process, explained in demat and mutual fund nominations.
Special cases
- Joint account "either or survivor": the survivor gets the balance. A nominee's right arises only after all joint holders have died.
- Missing person: heirs need a court order on presumed death under sections 110–111 of the Bharatiya Sakshya Adhiniyam, 2023. For amounts below ₹1 lakh (or a higher bank limit), an FIR and a police non-traceable report are accepted instead.
- Death abroad: the death certificate must be certified, for example by an Indian embassy or consulate, a notary or an overseas branch of an Indian bank.
- Credits after settlement, such as a pension, are returned to the sender marked "account holder deceased".
Frequently asked questions
Can a bank insist on a succession certificate when there is a nominee?
No. RBI's rules say the bank must not insist on a succession certificate, probate or indemnity from a nominee or survivor, irrespective of the amount.
Does the nominee have to share the money?
Usually yes. The bank must tell the nominee in writing that they receive it as a trustee of the legal heirs. See nominee vs legal heir.
Is the ₹15 lakh limit per account or per bank?
The threshold is applied to the aggregate amount payable, including interest, as on the date of the claim. Ask your bank how it applies the limit and whether it has set a higher one.
What if the bank delays beyond 15 days?
Ask for the written reasons, claim the interest compensation, and complain to the bank and then the RBI Ombudsman through the RBI's complaint portal.
Sources
- Reserve Bank of India — RBI (Commercial Banks – Responsible Business Conduct) Directions, 2025, section E (applicable from 1 April 2026)
- RBI Complaint Management System — complaints against banks
- UDGAM portal — search for unclaimed deposits of a deceased relative
- e-Gazette of India — Bharatiya Sakshya Adhiniyam, 2023
