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- It provides a digital platform for heirs and nominees to submit death claims without visiting branches.
- The portal covers deposit accounts, lockers, and safe custody articles, ensuring wide applicability.
- A key highlight is that claims up to ₹15 lakh are settled within 15 days, with no requirement of third-party surety.
- This initiative reflects IOB’s commitment to digital transformation, transparency, and efficiency in banking services.
- Most importantly, it offers relief and convenience to bereaved families during sensitive times.
Question:
Q.1 Which bank launched the Online Death Claim Settlement Portal on 17 February 2026?a) State Bank of India
b) Punjab National Bank
c) Indian Overseas Bank
d) Bank of Baroda
Answer: c) The portal is an initiative of Indian Overseas Bank to simplify and digitize the death claim settlement process for nominees and legal heirs.