RBI’s revised bank locker rules will take effect on 1st January, Check details here

RBI’s revised bank locker rules will take effect on 1st January. Check details here

The Reserve Bank of India (RBI) has said that starting on January 1, 2023, all major banks in the nation must abide by the new locker regulations.

What are the revised bank locker rules?

The RBI published the updated bank locker regulations in August 2021. To access the renewed locker arrangements, each and every one of the current locker depositors must present identification as confirmation of eligibility.

The following are some of the new rules important components:

Model Locker Agreement

Lenders are instructed to utilise the model locker agreement that the Indian Banks’ Association (IBA) drafted in accordance with the rules and directives of the Supreme Court. The banks must make sure that their locker agreements don’t contain any “unfair terms and conditions.” To protect the bank’s interests, the agreement’s terms cannot be “more onerous than required in the ordinary course of business.”

CCTV Cameras in Safe Deposit Areas

The strong room’s entrance and exit points as well as the common areas of operation must have CCTV cameras installed by the banks. According to the regulations, CCTV camera recordings must be kept for at least 180 days.

The bank is required to keep the CCTV footage until the police investigation is over and the dispute is resolved if any client complains to the bank about theft or a security breach of their locker.

In the event that the goods kept in the vaults are looted or lost due to a fire or building collapse, depositors could get up to 100 times the bank fees. However, banks are not responsible for losses or damages brought on by “Acts of God” or natural disasters.

Government Raids

Banks are obligated to notify customers in advance by letter, email, or SMS about government raids on lockers or items left behind for safekeeping.

Term Deposits as Rent

The new rules let banks to request term deposits in exchange for locker allocations that can be rented out for a period of three years. Existing locker holders and those with positive operating accounts are exempt from this requirement.

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