InvestorQ : What are the new bank locker rules of RBI?
Gayatri Surendran made post

What are the new bank locker rules of RBI?

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varsha Motwani answered.
1 year ago
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RBI has recently issued new guidelines for bank locker which shall be effective from 1st Jan 2022. This step is taken by considering a lot of consumer grievances and feedbacks from banks too. Here are some of the major points:

  1. Compensation of 100 times the locker rent: If there is any loss to the content of lockers due to the bank's negligence, then these locker holders will get 100 times of locker rent as compensation. Say, if the yearly rent was Rs 3000, he should get Rs 3,00,00 as compensation.
  2. SMS and E-mail alerts: Now, customers will get SMS and e-mail alerts whenever their locker is being accessed. This will prevent any unauthorized access to the lockers to deceive the holder.
  3. Last 180 days of CCTV footage: Banks will have to install CCTV to monitor the common areas and doors from where the entry and exits happen inside the locker room, and the same footage has to be stored for 180 days.
  4. Banks can charge 3 years of rent as term deposits: Banks can ask you to create an FD for 3 years rent of the locker + some extra charges. Say, if the locker rent is Rs 3000, banks can ask you to create an FD of Rs 9000 + 500-1000 extra charges. In case the customer surrenders the locker before the expiry of the total rental period they shall get the proportionate amount refund.
  5. Banks should display the number of vacant lockers and waitlist numbers of lockers (if any).
  6. All existing locker holders shall sign a new agreement with the bank, starting from Jan 1, 2023.
  7. Other disclosures (read details from RBI’s website).
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