Adopt simple method for claim settlement of deceased a/c: RBI

The Reserve Bank today directed 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 statement. 

Further, it asked banks to provide claim form for settlement of claims of the deceased accounts, to any person or who is approaching the bank and branches for such forms so as to settle the claims on time.  "Claim forms may also be put on the bank's website prominently so that claimants of the deceased depositor can access and download the forms without having to visit the concerned bank/branch for obtaining such forms for filing claim with the bank," it added further. 

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