Bank Locker update New bank locker rules effective from January: Bank Locker: Penalty if customer items are lost!

The practice of storing valuables, jewelry and documents in bank lockers has been around for many years. The locker holder also has to pay a certain amount of rent to the bank. While important items are kept in bank lockers only for security, the bank must pay compensation if they are stolen from the banks. The Reserve Bank of India has recently implemented a number of new rules, including how much compensation should be paid.

The Reserve Bank of India has issued a statement saying that these regulations will be implemented from January 1, 2022.

1. Pay a penalty of 100 times the rental value of the locker

In response to the new rules the bank will have to pay a penalty if any item or document kept in a customer’s locker is lost due to bank negligence or in the event of negligence on the part of the bank. The Reserve Bank has announced that it will have to pay a penalty of 100 times the amount received as rent for the bank locker.

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2. Display of empty lockers

Each bank will have a certain number of lockers. But the Reserve Bank has insisted that a list of how many lockers are in use and how many days are vacant should be displayed. To ensure transparency, the locker should inform you of any waiting list when you receive the application. As well as informing customers how many lockers are vacant without use.

3. Email and SMS Alert

At present not only authentication through OTP but also SMS and email notification is provided by every bank to confirm all types of financial and digital transactions. Similarly, the Reserve Bank has made it mandatory for a user to report the use of a bank locker via email and SMS. The RBI has also said that it has implemented this to avoid fraud.

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4. Mandatory CCTV cameras and video recordings

All banks that provide bank locker service should install CCTV cameras in the appropriate places and store the video recording for at least 180 days. The RBI report explained that it would be easier to keep CCTV records and investigate if the customer reported that his locker was accessed without his knowledge or the contents of the locker were stolen or any other locker related.

5. The bank can only charge rent for 3 years

Regarding bank rent, each bank charges rent based on different time periods. This includes the practice of charging a total of one year’s rent, two years ‘rent, and five years’ rent. But now the RBI has said that the rent for the bank locker should be charged for three years only. For example, the rent for a one-year bank locker is Rs. 5000 If the rent for three years is only Rs. 15,000 the maximum amount can be charged from the customer.

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