The Reserve Bank of India (RBI) has said banks must settle deposit accounts, safe deposit lockers and articles in safe custody of a deceased customer within 15 days of claim, proposing hefty penalties for non-compliance. In a draft circular, the central bank suggested banks pay the customer’s kin the bank rate plus 4% per year interest for the period of delay on settling deposits, and Rs 5000 per day for delay in settlement of lockers. The bank rate currently is at 5.75%.