Nominees and legal heirs of deceased depositors may find it easier to access the money in bank accounts as well as contents of safe deposit lockers.
The Reserve Bank of India (RBI) governor Sanjay Malhotra on August 6 announced a proposal to simplify the procedures and standardise the documentation required to file such claims. Banks are required to provide nomination facilities to ensure hassle-free settlement of claims made by survivors, nominees or legal heirs.
Also read: Repo rate unchanged in August, but here’s how to lower your home loan EMIs
At present, the procedure varies across banks. “With a view to enhance customer service standards, it has been decided to streamline the procedures and standardise the documentation to be submitted to the banks,” the governor said as he shared the Monetary Policy Committee (MPC) meeting outcome.
Also read: RBI MPC impact: Home loan EMI, interest burden unchanged after status quo on repo rate
The RBI will issue a draft circular seeking feedback from the public and other stakeholders soon.
The monetary policy committee unanimously decided to keep the repo rate unchanged at 5.5 percent, as the central bank continues to monitor US President Donald Trump’s fresh tariff threats. The rate-setting panel also unanimously decided to keep the policy stance 'neutral'.
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