Bank Locker Rules Changed – RBI Issued New Guidelines For Safe Deposit Lockers And Safe Custody Facilities Offered By Banks


India’s main banking regulator Reserve Bank of India (RBI) has issued new guidelines for safe deposit lockers and safe custody facilities offered by banks. The RBI has taken this decision on August 18 citing several advances in banking and technology, consumer complaints and response from various banks as well as Indian Banks’ Association (IBA). Next, we will inform you in detail about the new locker guidelines.

don’t use locker

Banks come across situations where the locker renter neither manages the locker nor pays the fee for the same. To ensure timely payment of locker rent, banks are entitled to collect term deposits at the time of locker allotment. This amount will also include three years rent and locker break charges.

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They will not be charged

But keep in mind that banks will not ask for term deposits from existing locker holders or those who have active accounts. If the locker rent is charged in advance, the appropriate portion of the amount charged will be returned to the customer. In case of emergencies like natural calamities, banks will endeavor to notify their customers at the earliest.

Board passed policy

According to the new instructions of RBI, banks will have to present a policy passed by the board. It will give details of the compensation to be paid by them for any damage to the contents of the lockers due to any negligence on their part. Locker care will include ensuring proper functioning of the locker system and protecting against unauthorized access to the lockers. It will also be the responsibility of the bank to ensure adequate measures in case of dacoity and theft.

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Bank will not be responsible in these cases

As per the new provisions, the bank will not be responsible for any damage to the locker due to natural calamities like earthquake, flood etc. However, banks shall adopt appropriate safeguards to ensure protection against such calamities. Some more important rules have been included in the revised locker policy of RBI.

Locker agreement will be introduced

Banks will include an additional clause in the locker agreement that prohibits the renter of the locker to keep anything dangerous in it. The liability of banks has been fixed at 100 times the annual rent amount in case of incidents like fraud or building collapse by banking professionals. Let us tell you that at the time of taking the bank locker, there is an option to make a nominee. If the person taking the locker dies, his heir gets a chance to take the goods kept in the bank locker. After the death of the bank locker taker, that nominee gets the right to use the locker. Then the nominee wants the bank to continue with the locker or vacate it. If a joint name is kept at the time of taking the locker, then the joint name holder will have the right over the locker. Therefore, while taking the locker, the options of joint name and nominee should be used properly.

Also Read:   RBI Changes Rules Regarding Bank Lockers, Now Banks Have To Pay Big Compensation In Case Of Theft
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