Bank Locker Rules: RBI Has Announced Changes In Bank Locker Rules; Know These Rules

Bank Locker Rules Change: RBI Has Announced Changes In Bank Locker Rules; Know These Rules

RBI has made changes in many major rules related to the bank. Under this, such changes have been made in the rules till the bank locker, which will directly affect you. People keep their jewelery and other valuables in the Bank Locker, so that these expensive items are safe. In fact, the chances of theft or loss are more in our homes than in banks. But now this special facility of yours can be eclipsed. As per RBI rules, if you do not open the locker for a long period, the bank can break your locker.

RBI changed big rules

According to the guidelines, the bank will be entirely responsible for any fire, theft, robbery, or burglary that occurs in the locker. In these cases, the bank will be required to compensate the customer for 100 times the annual rent of the locker. On the other hand, the bank will not be liable for any losses if the locker is damaged as a result of a natural disaster, such as an earthquake or flood.

New guidelines for bank

Reserve Bank of India (RBI) has issued revised guidelines regarding safe deposit lockers. In this new guideline, banks have been allowed to open the locker, if the locker has not been opened for a long time. Even if the rent is being paid regularly.

RBI amended

Keeping in view the various developments in the field of banking and technology, nature of consumer complaints and feedback received from banks and Indian Banks’ Association, RBI has recently revised its guidelines regarding safe deposit lockers. amended and also gave new instructions to banks regarding inoperative bank lockers.

Bank can break the locker

The bank will be free to disassemble the locker and transfer the contents to its nominee/legal heir or dispose of the contents in a transparent manner, according to the amended RBI guidelines. If a locker tenant stays inactive for seven years and regular rent is paid, the tenant cannot be located. However, the central bank has provided specific rules that must be fulfilled before opening any lockers while also safeguarding the public interest.

Bank will alert the locker taker

The RBI guidelines state that the bank shall give notice to the locker-hirer through a letter and send email and SMS alerts to the registered email ID and mobile phone number. If the letter is returned undelivered or the taker is not traced to the locker hirer, the bank will give two notices giving reasonable time to the locker hirer or any other person interested in the contents of the locker to respond Will issue public notices in papers (one in English and the other in the local language).

Locker Opening Guidelines

The central bank’s guidelines further state that the locker should be opened in the presence of an official of the bank and two independent witnesses and video recording of the entire process should be done. RBI further said that after the locker is opened, the contents will be kept in a sealed cover, along with the detailed inventory, inside a fireproof vault in a tamper proof manner till claimed by the customer.


Please enter your comment!
Please enter your name here