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RBI’s revised bank locker rules to be effective from 1st January 2023

Recent in News:

Reserve Bank of India (RBI) has changed rules of bank locker which will be effective from 1st January 2023. The rules are changed to make the locker agreement more favourable to the customers.

Highlights of the new bank locker rules:

Bank locker agreement

  • RBI has asked the banks to make sure that the agreement for Bank lockers should not cover any unfair terms or conditions
  • The renewed agreement needs to be signed by the customers
  • The revised guidelines add that the terms of the agreement shall not be more “onerous than required in ordinary course of business” to secure the interests of the bank.
  • The agreement can be drafted on the basis of model agreement made by IBA.

Customer details rules

  • Customers must have valid KYC documents, fill out the application accompanied by a passport-size photograph, and a signed and stamped locker agreement document (in IBA specified format), and pay the locker rent for the entire year in advance.

Rules for banks:

  • RBI  advises the banks to install CCTV camera at entry and exit points of the strong room and the common areas of operation. It mandates to preserve its recording for a period of not less than 180 days.
  • The banks can now demand a term deposit at the time of allocation of a locker that would be taken as the rent for three years. However, for the existing locker holders, banks cannot insist on such Term Deposits or from those who have satisfactory operative accounts.
  • 100 times of bank fee can be paid to customers in case locker gets destroyed in natural calamity.
  • To avoid bank frauds, each time of access of locker, SMS or mail will send to the customer

FAQs for Bank locker

Q1.Is it mandatory to have a fixed deposit account to open a bank locker?

A. No.

Q2. Is there nomination facility associated with bank lockers?

A. Yes.

Q3. Where the locker register is maintained by the banks?

A. Banks shall ensure that the Locker Register and the Locker Key Register are maintained in CBS or any other computerized system compliant with the Cyber Security Framework issued by the Reserve Bank.

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