Bank Locker Rules Changed: Check These Important Rules For Theft, Pricing, Allocation & More

If you also own a bank locker and keep important documents related to land, price papers and jewelry etc. in there then this news will definitely affect you. 

Bank Locker Rules Changed: Check These Important Rules For Theft, Pricing, Allocation & More


Update In Bank Locker Rules

Recently, the Reserve Bank Of India has changed the rules related to bank lockers.

These changes have been made keeping in mind the safety and convenience of the customers. 

Interestingly, the rules have been changed by the Central (RBI) on the complaint of the customers taking lockers in the bank, as per the notification issued by the RBI. 

Mostly, locker consumers keep complaining of theft in bank lockers. 

Moreover, after taking long efforts, these customers do not get any satisfactory solution for the stolen goods. 

But this won’t happen now as in case of any untoward incident with the goods kept in the locker, the concerned bank will have to  compensate the customer up to 100 times the locker rent.

How Does This Help?

This change is aimed to keep transparency in the locker system as several times such cases have come to the fore in which banks used to get away from the theft incident. 

The concerned bank hurls the customer saying that they are not responsible in any way. 

Besides this, the banks will have to put the list of empty lockers, waiting list number for the locker on the display as mentioned in the order given by RBI. 

More Transparency In Locker System

The changes are made to bring in more transparency in the locker system. 

The RBI noted that the customer cannot be kept in the dark on behalf of the bank.

Further, for enhancing the security, an alert will be given to you through e-mail and SMS through the bank whenever the locker is accessed.

RBI has come up with this rule to protect against any kind of fraud. 

Rules On Locker Rent 

On the locker rent subject, RBI clarified that the concerned bank has the right to take the locker rent for a maximum period of three years at a time. 

Further clarifying RBI said that if the locker rent is Rs 2000, then the bank cannot charge you more than Rs 6000, excluding other maintenance charges.

The other mandate includes the monitoring of every person entering the locker room and bank staff through CCTV cameras. 

The other safety measures mandate that the bank will have to keep 180 days (6 months) of CCTV footage safe. 

This would help the police as they will be able to investigate with the help of CCTV footage in case of theft or any other mishap.

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