RBI Has Set New Guidelines Regarding Bank Locker Rules

NEW DELHI : In a recent development, Reserve Bank of India (RBI) made an announcement regarding the bank locker rules. They have reversed the existing terms and conditions, which was released in 2021.

RBI has advised all the leading banks to make the customers aware of the new guidelines before 1st of January, 2023. As per the revised guidelines, banks should assure that no unfair terms and conditions are included in the locker agreement.

The terms of the contract should not be burdensome than necessary, to carry on the business of safeguarding the interests of the bank. In the new guideline, it is mentioned that banks should distribute a circular to all the locker holders before 1st of January.

As per the Central bank, all the customers can use the IBA-drafted model locker agreement, which can obey the newly updated instructions. In case valuables kept in the locker are destroyed or robbed, the customer can get upto 100 times the bank charges.

Furthermore, RBI stated that, CCTV in all the locker rooms is a mandatory rule to supervise all the ongoings. Along with this, the banks are advised to keep CCTV records of 180 days, which can be useful at the time of crisis. The new directives also include SMS alert to all the customer, every time they open their individual locker. This will help to protect the customer's safety.

RBI has also advised for a term deposit, that the customers will have to pay during the time allocation of a locker. This particular amount will be taken by the concerned bank for three years. However, this rule is not applicable for the existing locker holders and people who have satisfactory operative accounts.

The existing customers or the new ones will have to sign the agreement before the mentioned date as the rules will implies from that day onwards.

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