Getting A Bank Locker? Know These RBI Rules

Banks will have to pay up to 100 times the annual locker rent to the customer as compensation in case of any loss arising out of its negligence.

Getting A Bank Locker? Know These RBI Rules

All you need to know about bank lockers

Getting a locker in a bank is one of the safest ways to store your valuables, as they provide a secure facility in exchange for a small fee.

To enhance the security and safety of deposits, the Reserve Bank of India issued a few guidelines for bank lockers. So, before you get a locker, know some of these rules that make them more secure. 

Compensation In Case Of Theft:

According to the RBI, the person will be entitled to compensation if any valuable item gets stolen from a customer's bank locker. Banks will have to pay up to 100 times the annual locker rent to the customer as compensation.

Banks are responsible for ensuring the security and safety of the premises where the safe deposits are housed. Banks must also ensure that incidents of theft, burglary, fire, robbery or dacoity do not occur due to lapses on their part.

Transparency:

Banks must maintain transparency in the locker allotment process by displaying the number of vacant lockers.

Banks must also acknowledge the receipts of all locker applications and provide customers with a waiting list.

While providing a locker facility to someone, a bank must enter into an agreement with that customer at the time of the allotment.

Rent:

Customers, who want to get a locker in a bank, will have to pay a term deposit which will be equivalent to locker rent for three years.

Banks can't charge the rent for more than three years in advance.

Suppose a customer chooses to surrender the locker after paying the advance rent. In that case, the proportionate amount of the rent for the remaining period (of a total of three years) will be refunded.
Alerts

Whenever someone accesses a bank locker, the bank must send an SMS and email alert to the locker owner. This is to inform the customer about the date and time when the locker was accessed.

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