RBI Revises Bank Lockers Terms and Conditions

We all have “Lockers” in Banks to safeguard our gold ornaments and documents. Customers have to abide by the terms and conditions enclosed in the “Locker Agreement”

They are subject to revise from time-to-time. Recently RBI amended the rules on lockers which would come into effect from 2022, January 1st.

The Rules amended by the RBI are-

  1. New Customers have to deposit “Fixed” amount specified by the banks as Security Deposit
  2. Both the Old and New customers have to follow this rule. Already old customers are being following this “security deposit” rule
  3. Banks have to register the vacant locker details in the Core Banking System(CBS)
  4. Banks should display the available locker details in branch notice/display board
  5. If there are no vacancies, bank should give a “Waiting List” Number to the customers
  6. Upon allocation of the locker, bank should give a “Printed Receipt”enclosing all the details

Terms and Conditions to be changed from January 1st,2022

  • Bank is not liable for any damage due to nature-disaster caused by earth-quakes, cyclones etc
  • But the bank has to take safety measures to protect from any natural calamities
  • Bank has to pay 100% refund on the annual locker rent if the items are damaged/lost due to staff’s negligence, Robbery, Fire accidents and nature’s disasters;if any
  • The customer has to give consent that he is not preserving illegal and dangerous explosive items in the locker while making locker agreement
  • The locker agreement must be accompanied with the Indian Banks Proforma which is available in the official website of RBI.
  • If the customer fails to pay the locker rent for a continuous period of 3 years, the bank has the right to cancel the agreement and open the locker

So the customer must be aware of the new terms and conditions which would come into effect from January1st,2022 and act accordingly

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