NEFT transactions are settled in batches (DNS), whereas RTGS transactions are settled individually and continuously (Real-Time Gross). Now both operate 24x7.

CMS products focus on efficient inflow and outflow of funds (Collection and Payment services) to minimize idle cash and improve working capital management.

Once issued, a DD is a direct commitment of the bank to pay. The purchaser is not the drawer; the bank is. Therefore, the purchaser cannot simply stop payment like a personal cheque unless there is a court order or loss of instrument.

In a locker with a survivorship clause ("Either or Survivor"), the bank is validly discharged by allowing the survivor to access and remove contents. The bank need not insist on the presence of legal heirs unless there is a court order restraining it.

In a significant shift for consumer protection, the revised RBI guidelines mandate that the Bank shall bear the cost of stamp paper and other expenses related to the execution of the locker agreement for both new and existing locker hirers. This ensures standardization and removes the financial burden of documentation from the customer.

To protect customers, RBI mandates that a duplicate DD must be issued within 14 days. If there is a delay beyond this period, the bank must pay interest at the rate applicable for Fixed Deposits of corresponding maturity to the purchaser, to compensate for the loss of use of funds.

RBI guidelines mandate that if the beneficiary account cannot be credited for any reason, the destination bank must return the transaction to the originating bank within 2 hours of the completion of the batch in which the transaction was processed (B+2).

The Resident Foreign Currency (RFC) account is specifically designed for returning NRIs to park their foreign currency earnings (pension, savings abroad) without converting them to Rupees, protecting them from exchange rate risk. NRE/FCNR accounts must be closed/converted upon return.

Since December 2019, NEFT operates on a 24x7x365 basis with half-hourly batches. There are 48 half-hourly batches every day. (Note: RTGS is real-time, NEFT is batch-wise).

The bank has the discretion to break open the locker after following due procedure (giving notice, allowing reasonable time). The contents must be inventoried in the presence of independent witnesses and kept in safe custody.

An SI creates an agency relationship where the bank agrees to pay "subject to availability of funds." If funds are insufficient, the bank is not obligated to pay or create an overdraft, and thus is not liable for the lapsed policy.

Banks typically do NOT allow lockers to be hired by minors (even with guardians) because a minor cannot be bound by the locker contract (lease agreement). Locker facility is for adults who can contract.

Executing SIs involves administrative effort and liability. Banks are permitted to levy reasonable service charges for setting up and executing SIs, provided these are transparently communicated.