Module: | KYC, NPAs, Advances & Investment Valuations
Q197: Scenario: A customer passes away leaving a safe deposit locker without any nomination. The legal heirs submit all required claim documents. The bank delays processing the claim and fixing the date for inventory by 10 days beyond the mandated RBI timeline. Based on the guidelines, consider the following statements:
1. The bank was legally required to process the claim and fix the date for inventory within exactly 15 calendar days of receiving the documents.
2. The bank must pay a flat compensation of ₹5,000 for each day of delay beyond the mandated timeline, totalling a penalty of ₹50,000 for the 10-day delay.
3. Since there is no nomination, the inventory of the locker contents must be carried out in the presence of an independent valuer and two independent witnesses.
4. The legal heirs are strictly exempt from submitting a Bond of Indemnity under the simplified procedure for locker claims without a nominee.
Which of the statements given above is/are correct?
2. The bank must pay a flat compensation of ₹5,000 for each day of delay beyond the mandated timeline, totalling a penalty of ₹50,000 for the 10-day delay.
3. Since there is no nomination, the inventory of the locker contents must be carried out in the presence of an independent valuer and two independent witnesses.
4. The legal heirs are strictly exempt from submitting a Bond of Indemnity under the simplified procedure for locker claims without a nominee.
Which of the statements given above is/are correct?
✅ Correct Answer: A
The correct answer is A. Statement 1 is correct: The regulatory framework aligns the safe deposit locker timeline with standard deposit accounts, requiring the claim processing and inventory date fixation to be completed within 15 calendar days of receiving all documents.
Statement 2 is correct: The guidelines prescribe a flat penal compensation of ₹5,000 for each day of delay in locker claims, making the 10-day delay penalty exactly ₹50,000.
Statement 3 is correct: The rules mandate that when there is no nominee, the inventory process requires the physical presence of an independent valuer alongside two independent witnesses to safeguard asset valuation.
Statement 4 is incorrect: The regulatory instructions explicitly state that a Bond of Indemnity IS mandatory for simplified locker claims without a nominee, unless the claim is being settled via a formal court order or succession certificate.
Statement 2 is correct: The guidelines prescribe a flat penal compensation of ₹5,000 for each day of delay in locker claims, making the 10-day delay penalty exactly ₹50,000.
Statement 3 is correct: The rules mandate that when there is no nominee, the inventory process requires the physical presence of an independent valuer alongside two independent witnesses to safeguard asset valuation.
Statement 4 is incorrect: The regulatory instructions explicitly state that a Bond of Indemnity IS mandatory for simplified locker claims without a nominee, unless the claim is being settled via a formal court order or succession certificate.