New Bank Locker Rules: All you need to know about it

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New Delhi: The Reserve Bank of India (RBI), India’s top banking regulator, has issued new guidelines for banks’ safe deposit locker and secure custody services. On August 18, the bank made the decision, citing major developments in banking and technology, as well as consumer complaints and criticism from several banks and the Indian Banks’ Association (IBA).

Banks may encounter instances when the locker-hirer does not manage the locker and does not pay the fees. Banks are permitted to take a term deposit at the time of locker allotment in order to ensure timely payment of locker rent. The sum will cover three years’ rent as well as the costs of breaking open the locker.

Banks, on the other hand, are not allowed to ask current locker holders or people with active accounts for term deposits.

If the consumer pays for a locker in advance, a portion of the advance fee will be returned to the customer. In the event of an emergency, such as a natural disaster, banks must make every effort to contact their clients as soon as possible.

The banks must develop a comprehensive board-approved policy outlining their responsibility for any damage or loss to the contents of the lockers as a result of their negligence.

Locker maintenance will entail ensuring the locker system’s correct operation and preventing unauthorised access to the lockers. The bank would also be responsible for ensuring adequate security against robbery and theft.

According to the new laws, a bank will not be liable for any damage or loss of belongings in a locker as a result of natural disasters like as earthquakes, floods, or other natural disasters. Banks, on the other hand, will take appropriate precautions to safeguard themselves from such tragedies.

Other important regulations:

Banks will add a condition to the locker agreement prohibiting the hirer from keeping anything dangerous in the locker.

In the event of fraud by banking personnel, a fire, or a building collapse, the banks’ responsibility has been set at 100 times the annual rent.

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