Bank Locker New Rule: Big News! know new rules and impact on bank customers

New Delhi. The Reserve Bank of India (RBI) has changed the Bank Locker Rules. For this, the central bank has announced new guidelines for safe deposit locker and secure custody facility provided by banks. The Reserve Bank has taken this decision after holding talks with banks as well as the Indian Banks’ Association (IBA) and receiving complaints from consumers. In such a situation, if you have also taken bank locker facility, then it is important for you to be aware of the new rules issued by RBI.

According to the new rules of the Reserve Bank, banks have the right to take fixed deposits at the time of locker allotment. This will ensure that the person availing the locker facility continues to pay the rent on time. At the same time, the amount charged by the bank at the time of allotment will include both three years’ rent and locker breaking charges. Banks are not allowed to solicit Fixed Deposits (FDs) from existing lockholders or from customers who already have operational lockers.

The customer will have to inform about the disaster as soon as possible

  • If the bank has already taken the rent of the locker, then the special amount will be returned to the customers from the advance amount.
  • Banks are responsible for notifying the customers at the earliest in case of natural calamities.
  • If there is damage to the goods kept in the locker, the bank should be ready with a board approved policy, which details its liability.
  • Banks will have to ensure proper operation of the locker system under locker care and no unapproved access to it.
  • Banks will not be liable in case of any damage to the locker due to natural calamities like earthquake, flood.

Banks will have to include an additional clause

According to the new rules of the central bank, all banks will also include an additional clause in the locker agreement. This will ensure that the consumer who has hired the locker does not keep anything dangerous in it. Also, banks have prescribed payment of 100 times the annual rent amount to the consumer in case of fraud, fire or building collapse on the part of the bank professional.

Source:-businessleague

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