Module: General Practice
Q83: Under the updated RBI Guidelines for "Settlement of Death Claims," once the bank receives all the necessary documents from the claimant (nominee or legal heir), within what time period is the bank mandatorily required to settle the claim?
✅ Correct Answer: B
Correct Answer: B. Within 15 days.
Concept: Turnaround Time (TAT) for Death Claims.
The Regulation: The RBI Master Direction explicitly states that banks must ensure that all claims in respect of deceased depositors (including Safe Deposit Lockers and articles in safe custody) are settled within a period not exceeding 15 days from the date of receipt of the claim along with all necessary documents.
This timeline applies regardless of whether the claim is by a nominee or legal heir, provided the documentation is complete.
Concept: Turnaround Time (TAT) for Death Claims.
The Regulation: The RBI Master Direction explicitly states that banks must ensure that all claims in respect of deceased depositors (including Safe Deposit Lockers and articles in safe custody) are settled within a period not exceeding 15 days from the date of receipt of the claim along with all necessary documents.
This timeline applies regardless of whether the claim is by a nominee or legal heir, provided the documentation is complete.