- Date : 26/05/2023
- Read: 3 mins
Avoid confusion, and don’t miss out on your privilege with these five bank locker rule features.
RBI has introduced the new bank locker rules and has been implementing them in a phased manner
Initially, customers faced issues over lack of clarity on the locker agreement
The five important features of the new rules should make life easy for customers
The Reserve Bank of India (RBI) introduced new bank locker rules in August 2021, which became applicable from this calendar year. However, only a few days later, in early January 2023, customers were seen complaining about the process of locker renewal agreements.
Confusion over locker rules
These rules have been applicable for new customers from January 2022 and have been made applicable to all existing customers from New Year’s Day this year. Rules include the installation of CCTVs to monitor locker rooms, storage of CCTV data for 180 days, sending notifications to customers whenever they access their lockers, and so on.
Customer complaints on the same included confusion over the agreement, who is supposed to get the agreement copy and stamp paper, lack of relevant communication by banks, etc.
5 Bank locker rules to keep in mind
To avoid any discomfort or confusion regarding the bank locker rules, keep these things in mind.
- Stamp paper - The new locker agreements must be made on stamp paper, and the bank is required to provide the same. The revised agreement has been necessitated to protect the customers who have opted for locker facilities. The original agreement must then be maintained at the bank branch where the locker is situated.
- Agreement cost - The bank must arrange the revised agreement without any additional cost. Banks must facilitate the arranging of the stamp papers, along with their franking, execution, e-stamping and other formalities as required. This does away with the confusion where banks were asking customers who came to sign an agreement to produce stamp papers.
- Fixed deposit - The RBI allows banks to get an FD from their locker-holding customers. The value of such FD can be equivalent to three years of locker rent and charges to be incurred if the locker was to be opened in the absence of the customer.
- Compensation - The bank cannot be held responsible for damages to the locker and its contents if it is caused by rain, flood, earthquake, lightning, civil riots and disturbances, terrorist attacks or due to the negligence of the customer. However, the customer must be compensated for damages to the locker contents if it is caused by fire, theft and burglary, damage to the building, the bank’s negligence or employee fraud.
- Locker access - Bank must send emails and SMS alerts to your registered mobile number and email ID, notifying the date and time of locker operation. The bank must provide a redressal mechanism for addressing instances of unauthorised locker access.
The RBI expects to complete all locker agreement renewals by the end of 2023. If you are a locker customer, you must know these aspects of the agreement so that you get the best out of your locker ownership.