Families who need a waris nama for bank money and shares are now finding that it matters mainly where the deceased customer had not named a nominee. At commercial banks, accounts up to Rs 15 lakh can be claimed without going to court in such cases, and the limit is Rs 5 lakh at co-operative banks. The amount is counted across all the accounts the deceased held at that bank, as per the RBI settlement directions of 2025, reported by Mehta & Mehta Advisory.
For these claims, the bank asks for a legal heir certificate or an affidavit, along with an indemnity bond and a no-objection letter from the other heirs where applicable.
Alongside this, the RBI nomination framework has applied since 1 November 2025 and it repealed all earlier RBI circulars on nomination.
Nominee or no nominee at the bank
Where a nominee or a surviving account holder is registered, the bank releases the money on a claim form, the death certificate and an identity proof. A succession certificate, probate or indemnity bond is not asked for in such cases, as per the same RBI directions.
Account holders can now name up to four nominees for bank accounts and lockers, whereas the earlier limit was one nominee. Every bank must offer the nomination facility when a deposit account, locker or safe custody service is opened. A customer who declines to nominate cannot be refused an account, provided the other opening conditions are met.
For the families filing a complete claim, banks must settle it within 15 calendar days of receiving all the required documents, as per RTI Wiki.
Shares and the SEBI limits
For shares held in the name of the deceased, SEBI is the statutory regulator of India's securities market, with the legal duty to protect investors and to promote and regulate that market. Read the full meaning of SEBI has a Quick Transmission Processing route for uncontested claims and it asks for minimal documents. The route covers claims up to Rs 10,000 for physical securities and Rs 30,000 for demat holdings, as per SEBI's circular of 23 July 2026.
The simplified documentation limit for physical securities has been raised from Rs 5 lakh to Rs 10 lakh per listed company, Whalesbook reports. For demat holdings, the same limit is Rs 30 lakh.
In cases of a missing person, the nominee or the legal heir ordinarily still needs a court declaration of civil death under the Bharatiya Sakshya Adhiniyam, 2023.
