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Business Compliance

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Business Compliance

238 articles
Deceased-Customer Bank Claims: RBI’s Fifteen-Day Clock, Deposit Interest and Locker Delay Compensati

Deceased-Customer Bank Claims: RBI’s Fifteen-Day Clock, Deposit Interest and Locker Delay Compensation

For covered commercial banks, RBI starts the fifteen-calendar-day clock when all required claim documents are received. Deposit settlement and locker processing have different required outcomes and compensation measures; preserve the completeness confirmation and dated response.

By Team assureOffice
Demand-Draft Issuance: RBI’s ₹20,000 Account-Payee Rule and Non-Customer Access

Demand-Draft Issuance: RBI’s ₹20,000 Account-Payee Rule and Non-Customer Access

Covered commercial banks must issue demand drafts of ₹20,000 and above with account-payee crossing. Check face value separately from charges, support small-draft access for non-customers and verify the bank’s additional KYC and funding requirements.

By Team assureOffice
Joint Term Deposits: RBI Maturity Mandates, Premature Withdrawal and Splitting Controls

Joint Term Deposits: RBI Maturity Mandates, Premature Withdrawal and Splitting Controls

A joint term deposit’s maturity mandate does not automatically settle premature-withdrawal authority after a holder’s death. Check the specific joint mandate, depositor status and unchanged amount-and-period conditions for permitted splitting.

By Team assureOffice
Savings-Account Passbooks and Monthly Statements: RBI Free-Service and Reconciliation Controls

Savings-Account Passbooks and Monthly Statements: RBI Free-Service and Reconciliation Controls

Covered commercial banks must offer individual savings-account holders a passbook or the chosen monthly-statement facility without charging for that provision. Use the transaction details and custody controls to resolve omissions and unexplained charges.

By Team assureOffice