RBI (Settlement of Claims in respect of Deceased Customers of Banks) Directions, have been issued to standardize and streamline the procedure for settling claims on deceased customers’ deposit accounts, safe deposit lockers, and articles in safe custody. It replaces diverse existing practices with a harmonized framework and standard documentation (Annex I-A to I-H) to minimize hardship for families. It provides a simplified procedure for accounts without a nominee for claims below a defined threshold limit (Rs 5 lakh for cooperative banks and Rs 15 lakh for others).