Bank Lockers New Rules: Last year, the Reserve Bank of India changed the rules related to bank lockers, which became effective in January this year. The primary objective of these bank locker rules is to protect costly property from theft and burglary. Similarly, jewellery and cash theft incidents continue in many parts of India.
Customers Can Remind The Bank Of Responsibility
In general, banks often get away with theft cases by saying that banks are not responsible for anything kept inside the locker. As banks deny accountability, customers are bound to fight a legal battle. After January 2022, banks cannot escape liability in case of damage or loss of goods from bank lockers. To understand this, here are the bank locker rules you should know…
The Bank Will Have To Compensate
The Reserve Bank introduced a bank locker rule which states that if anything is stolen from the locker, the Bank will have to compensate the customer 100 times the loss. The reason behind issuing this rule was the complaints of theft in bank lockers.
Banks Will Have To Give Advance Information About Empty Lockers
Lack of transparency in public sector departments has always been a concern. To date, banks used to ignore the incidents of theft and completely ignore them by not holding themselves responsible for them. RBI said that banks would have to display the list of empty lockers and the waiting list number of the locker.
Locker Rental Rules
When you access the locker, you will be alerted through e-mail and SMS through the Bank. The purpose of the rule is to prevent cheating. Also, the Bank reserves the right to rent the locker for a maximum period of three years. For example, if the locker rent is Rs.2000, the Bank should not charge you more than Rs.6000, excluding other maintenance charges.
