Latest Update on Bank Locker Rule: The Reserve Bank of India (RBI) recently said that all leading banks should offer locker contracts to their customers before January 1, 2023. The new locker rules will be implemented from that date. Earlier, RBI had announced the revised guidelines on August 8, 2021. It came into effect from January 1, 2022. Now, all locker owners have to express their eligibility for the new locker arrangement and sign the renewal agreement before January 1, 2023.
“Banks will ensure that no unfair terms or conditions are incorporated in their locker agreements. Further, the terms of the agreement shall not be more stringent than would be required in the ordinary course of business to protect the interests of the bank. Banks will have to renew their locker agreements with existing locker customers by January 1, 2023.” As stated in the revised guidelines of RBI.
In the guidelines, RBI said that under the new rules all banks will have to distribute the new locker agreement to their security deposit locker holders. According to the central bank, all lenders can use the model locker agreement drafted by the IBA. It should be in compliance with the updated instructions and orders of the Supreme Court.
Bank customers can get up to 100 times the bank charges if the valuables stored in the vaults are looted or damaged by fire, building collapse or accident.
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In the latest guidelines, RBI has said that it is mandatory for banks to install CCTV to monitor locker rooms. Apart from this, RBI has also asked banks to retain CCTV data for 180 days. This will help you check for any discrepancies.
SMS alerts
To protect customers from bank frauds, RBI has directed respective banks to send SMS and emails every time a customer accesses his locker. This alert protects customers from fraud.
Locker rental
As per RBI guidelines, banks can now demand term deposits while allocating lockers. This amount will be taken as rent for three years. However, banks cannot insist on existing locker customers or holders of satisfactory operating accounts for such term deposits.
Bank Locker Guidelines
If bank customers plan to rent a locker or already use a bank locker, they must sign a locker agreement before January 1, 2023. Because the locker rules will change from this date.
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