A complaint regarding delays in nominee settlements at HDFC Bank, one of the country’s largest private banks, has raised concerns among customers. More than a year after her husband’s death, the bank has not transferred the funds from his account to his daughter, who is the registered nominee.
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A complaint regarding delays in nominee settlements at HDFC Bank, one of India’s largest private banks, has raised customer concerns. The matter came to light after financial journalist Veena Venugopal shared her experience on the social media platform X. She explained that even after more than a year had passed since her husband’s death, the bank had not transferred the funds from her account to her daughter, who was the registered nominee.
According to Veena Venugopal, she had submitted all the necessary documents, including the death certificate, to the bank immediately after her husband’s death. Later, the bank informed the family that the documents could not be traced due to staff leaving the bank. Subsequently, the bank re-asked for all documents, including notarized stamped documents, and information related to auto-debits made after the death. Furthermore, the bank also asked for permission from the insurance company for these auto-debits.
She also said that her 20-year-old daughter, who is the nominee, had to visit the bank repeatedly, each time explaining the details of her father’s death to new officials. Venugopal says there is no dispute over this account, and there are no other claimants. By comparison, she said her husband had another account with IndusInd Bank, which was settled within two weeks in a single visit.
Although he added that his family isn’t financially dependent on this amount, there are many families for whom this money becomes a vital necessity after the death of a breadwinner. In such a situation, such a delay can cause serious problems. Following the incident, HDFC Bank responded on social media on January 1, expressing regret and requesting account details to investigate the matter. The bank assured that the complaint would be resolved on priority.
According to banking regulations, if there is a delay in processing a nominee claim, the customer can file a written complaint with the bank’s Grievance Redressal Department. If a satisfactory response is not received there, the matter can be taken to the RBI Banking Ombudsman. The regulations also state that the bank must settle the claim within 15 days of receiving complete documents, and interest may also be charged in case of delay.
