Supreme Court Urges Policy for Heirs to Access Deceased Bank Accounts

The Indian Supreme Court has called upon the central government and the Reserve Bank of India (RBI) to devise a policy addressing the disclosure of bank account details of deceased persons to their legal heirs. This came during a hearing on a Public Interest Litigation (PIL) submitted by journalist Sucheta Dalal.

The Supreme Court, led by Justices Vikram Nath and Sandeep Mehta, emphasized the need for a streamlined mechanism to inform heirs about these dormant accounts. The RBI had also suggested a centralized, searchable database to assist people in locating the accounts of their deceased relatives.

The court has given these financial bodies time until May 5 to submit fresh affidavits. They aim to eliminate cumbersome legal processes that heirs face when claiming assets like bank deposits and insurance. Advocates point out the vast sums lying with the RBI's Depositor Education and Awareness Fund, emphasizing the importance of making this information accessible.