Major changes in bank locker rules that every customer should know

Keeping in mind the safety of the customers, the Reserve Bank has made a big change in the bank locker rules. If you are also planning to open a locker in any bank or if you already have a locker in any bank, then it is very important for you to know about the new rules.

After the continuous complaints from customers on bank lockers, the Reserve Bank decided to make changes in the existing rules. The new rules have come into effect from January 1, 2022. If you are not aware of these changed rules as of yet, we bring before you a detailed input on rule changes applicable for bank lockers. 

Read | Supreme Court directs RBI to frame new bank locker rules within six months

Bank to give compensation for theft

There have been many instances where there has been cases of theft from bank lockers. To stop this, the Reserve Bank has now made strict rules which has increased the responsibility of the banks. Now if anything is stolen from your bank locker or there are any issues related to it, then the bank will have to compensate the customer 100 times the rent of the locker.

Now banks cannot say that they are not responsible for bank locker thefts.

CCTV compulsory

Now it will be mandatory for banks to install CCTVs to monitor the locker rooms. Along with this, it has also been made mandatory to keep the data of CCTV for 180 days. This will help in checking if there is any discrepancy.

It has also been made necessary to keep a record of the CCTV footage in case a customer complains of any disturbance or theft to the bank till the police investigation is completed.

E-mail and SMS alerts

In order to protect customers from frauds, the Reserve Bank has now made it necessary that the bank will have to send SMS and e-mails every time a customer accesses his locker. This alert will protect customers from fraud.

Information on empty locker to be made public

According to the new rules of the Reserve Bank, banks can no longer give half-completed or false information about the locker to the customers. They will have to make public the list of empty lockers, the waiting list for the locker and the number of the waiting list.

These have to be put on the display board of the bank. Also, they will have to accept all the applications related to opening the locker and inform the customers about the waiting list.