New rules from RBI! Bank deposit locker ALERT! Applicable from this date - All you need to know

It is often difficult for the common people to get a bank locker. Despite waiting for years, lockers are not available to people to keep their valuables such as jewellery, documents safe. In order to solve this problem and to bring transparency in the allocation of lockers, the Reserve Bank of India (RBI) has issued new rules related to the banks’ lockers, which will be applicable from January 1, 2022, across the country. 

According to the new rules of RBI, applications for a locker will be taken from all the customers and for transparency, the customers will be issued a waitlist number. The branch-wise locker allotment information and the waiting list of banks will be linked to the core banking system.  

Also, banks can allow lockers to their non-banking customers after completing the KYC. Banks will have the right to collect term deposits in lieu of locker rent, but banks cannot keep the necessary conditions relating to the term deposits. 

For the security of the locker room/vault, the bank will have to take adequate steps, it is necessary to keep the CCTV footage of the entry and the exit for at least 180 days. Now the banks’ responsibility on the locker theft and robbery will be up to 100 times the rent of the locker. 

It will be necessary for the banks to decide the nominee related to each locker even if the customer does not demand it and it will be necessary for the banks to inform about every operation related to the locker on the customer's registered mobile number and email. 

The bank will have the right to take action on suspicion of illegal or shocking activities. The agreement attached to the locker will be between the bank and the customer through a stamp. Term deposit can be used as the locker rent, as per the RBI new rules.

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According to the new RBI rules, shifting or transfer of the locker will have to be done from one place to another only after informing the customer.