The Reserve Bank of India (RBI) mandates banks to settle deceased customers’ deposit accounts, safe deposit lockers, and safe custody articles within 15 days, effective January 1, 2026. Non-compliance will incur penalties, including interest on deposit delays and a daily charge for locker settlement delays. The move aims to standardize claim processes and compensate customers for inconveniences.
​The Reserve Bank of India (RBI) mandates banks to settle deceased customers’ deposit accounts, safe deposit lockers, and safe custody articles within 15 days, effective January 1, 2026. Non-compliance will incur penalties, including interest on deposit delays and a daily charge for locker settlement delays. The move aims to standardize claim processes and compensate customers for inconveniences.Â
