Banks to pay for delayed payouts to kin

added a post in Business

2025-08-07 20:12:11 -

Starting January 1, 2026, the RBI mandates banks to settle claims of deceased customers within 15 days with complete documentation. Failure to comply results in penalties: interest on deposit delays and a daily charge for locker access delays. This initiative aims to streamline the process, reduce unclaimed deposits, and ensure grieving families promptly receive funds and valuables.

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