The Reserve Bank of India has issued guidelines to provide a harmonised framework and to standardise the documentation for settlement of claims with respect to deposit accounts, safe deposit locker and articles in safe custody of a deceased customer and to minimise the difficulties faced by the nominees, survivors and legal heirs.

In the August Monetary Policy Committee meeting, the RBI governor had said that the guidelines are expected to make settlement more convenient and simpler. The draft guidelines for the same were released on August 6.

The final guidelines will be effective from March 31, 2026, as compared to January 1, mentioned in the draft circular.

The final guideline states that if the depositor has made nomination or if the account was opened by a survivorship clause,

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