RBI Introduces New Bank Locker Rules

New Bank Locker Rules

Reserve banks of India (RBI) has revised instructions for opening and maintaining bank lockers in banks through a notification issued on 18th August, 2021.

RBI has instructed all bank boards to frame an agreement for safe deposit lockers based on a model locker agreement to be framed by Indian Banks Association (IBA), with a direction to maintain a branch-wise list of vacant lockers as well as a wait-list for the purpose of allotment of lockers and ensure transparency in allotment of lockers.

Further, regarding payment of locker rent, banks are allowed to obtain a Term Deposit, at the time of allotment, which would cover three years’ rent and the charges for breaking open the locker in case of such eventuality. However, shall not insist on such Term Deposits from the existing locker holders or those who have satisfactory operative account.

However, if locker rent is collected in advance, the proportionate amount of advance rent collected shall be refunded to the customer in case of surrender of a locker by such customer. Even customers not having any banking relationship with the bank may also be given the facilities of safe deposit locker/safe custody article,

The revised instructions will be applicable from 1st January, 2022 (except where otherwise specified) and be applicable to both new and existing safe deposit lockers and the safe custody of articles facility with the banks.

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