<h1>Central bank directs banks to settle deceased customers' deposits and locker claims within 15 days, penalties for delays</h1> The central bank issued directions requiring banks to settle claims on deceased customers' deposit accounts, safe deposit lockers and articles in safe custody within 15 calendar days of receiving all required documents, with implementation due by March 31, 2026. Payment to a nominee or survivor where nomination or survivorship clause exists is a valid discharge. For accounts without nomination, banks must use a simplified procedure for claims below threshold limits (?5 lakh for cooperative banks; ?15 lakh for other banks); larger claims may require succession or legal heir certificates. Delays attributable to the bank trigger compensation: interest at not less than Bank Rate +4% p.a. for deposits and ?5,000 per day for locker delays.