## Key Points - 7-Day Claim Acknowledgement: Bank must acknowledge receipt of death-claim documents within 7 days. - 30-Day Settlement Rule: If papers are in order, claim must be paid within 30 days; else bank owes interest at savings-rate + 2 %. - Document List Simplified: Banks to display an exact list of acceptable proofs (death certificate, succession cert., indemnity) to avoid repeated visits. - No ‘Insistence’ on Legal Heirship If Nominee Exists : When a valid nominee is on record, bank should not insist on succession certificate. ##Why It Matters • Branch Ops / Service Managers – Avoid penalty interest by tracking the 30-day SLA in your CBS. • Audit / Compliance – Add this to death-claim audit checklist; review random samples quarterly. • BFSI Aspirants – Interview question: “How long does a bank have to settle a deceased depositor’s claim?” → Answer: 30 days. ##Practical Example Scenario: Mrs Khanna (nominee) submits death certificate & identity proof for her late husband’s ₹3 lakh FD. Bank’s Obligation: Acknowledge within 7 days and credit proceeds in ≤ 30 days. Delay beyond 30 days → pay savings-rate + 2 % for the delayed period.