The Reserve Bank of India (RBI) just recently released a new set of revised rules for the deposit locker facility provided by the banks. This change in RBI locker rules comes after the apex bank took into consideration the various changed that have come through in the banking sector, developments in technology, the nature of customer grievances and also based on the feedback received from banks and Indian Banks’ Association (IBA).
Here are the 10 Revised Rules that the RBI Introduced.
1) The Liability of the banks will be limited to 100 times the annual rent amount paid in case of fire, theft, building collapse or fraud that has been committed by the bank’s employees.
2) The banks will have to incorporate a clause in their locker agreements. This new clause will prevent the hirer of the locker facility to store anything illegal or hazardous in said lockers.
3) Adding to the locker facility rules, banks will now be required to keep a secure record of a branch-wise list of vacant lockers. They also need to maintain a wait-list in the core banking system or any other computerized system that has the required cybersecurity framework.
4) All the banks will need to acknowledge the receipt of every single application they get for the hiring of a locker facility. Banks will also need to provide a waiting list number to the customer in the event that the locker facility is not available yet.
5) The RBI has already framed and detailed the compensation policy and the liabilities of the banks in the revised instructions. However, the board-approved policy draft of the responsibility owed by the bank for any damages to the contents of the locker due to negligence is yet to be framed.
6) The new guideline specifies that the bank in question will not be liable for any damage or loss of content of the locker that happens as a result of natural calamities or an ‘Act of God’ like earthquakes, floods, lightning, storms or any act that is attributable to the sole fault or negligence of the customer. With that said, the banks are still required to take the appropriate steps to make sure that the contents of the locker are protected from such events.
7) In order to make sure that payments come on time, the ban is allowed to take a term deposit from the customer at the time of the locker allotment. This would cover three years of rent and any charges for breaking open the locker in the event of such a necessity. This is for new locker hirers.
8) Old locker holders do not need to pay any such term policy according to the revised guidelines. Additionally, the bank cannot force these customers to pay any such deposit.
9) Now, if you fail to pay the rent for the locker facility for the three-year duration as mentioned above, then it falls to the bank’s discretion to break open the locker under your name.
10) Lastly, in the event that you do pay the advance and by some chance you need to close down the locker facility before the three-year term is over, you will be given a refund. In the face of early closure, it falls to the bank to refund you the proportionate advance rent that was collected.
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