RBI issues new guidelines for bank lockers that you need to know

By Team Newsable | First Published Apr 20, 2022, 10:33 AM IST

The new restrictions are more consumer-friendly and were issued by the RBI in response to bank locker holders' complaints. They are intended to make the customer experience safer and more secure.

The Reserve Bank of India has published a notification addressing new bank locker guidelines, which you should be aware of if you want to create a bank locker shortly. The new bank locker rules went into effect at the beginning of this year, as announced by the central bank last year. The new restrictions are more consumer-friendly and were issued by the RBI in response to bank locker holders' complaints. They are intended to make the customer experience safer and more secure.

Here are new bank lockers you need to know:

Banks will be required to reimburse customers if there is a loss of content from a bank locker owing to the lender's carelessness under the new guidelines. This sum is equivalent to 100 times the annual rent for the bank locker.
According to the RBI, in order to ensure transparency, banks must assign a queue number to each locker application. The number of vacant lockers should also be posted, since things were previously opaque and clients were kept in the dark.

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Banks will be required to provide SMS and email notifications every time a user accesses a bank locker. This restriction was put in place to prevent fraud.
Banks are obligated to install CCTV cameras and keep the data for 180 days in order to monitor locker room entries and exits.
Banks are only permitted to charge three years of rent as a term deposit under the new bank locker rules. Banks cannot charge more than Rs 12,000 for lockers with an annual charge of Rs 4,000, excluding additional maintenance charges.

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