New Delhi: Planning to get a security deposit locker in the bank? Let us tell you that the rental charge that was to be paid earlier will now increase and even the terms and conditions of getting the locker will become tougher than before.
Reserve Bank of India (RBI) has recently revised its guidelines on safe deposit locker and safe custody articles facility provided by banks.
Changes in Guidelines for ‘Deposit Locker/Safe Custody Facility’ Provided by Banks The Central Bank after considering various developments in banking and technology, nature of consumer complaints and feedback received from banks and Indian banks has come. Association (IBA).
The revised instructions will be applicable to both new and existing safe deposit lockers and safe custody of goods with banks and will be effective from January 1, 2022.
Let’s take a look at the changes made by RBI for Deposit Locker/Secure Custody Articles facility:
locker rental rules
The RBI has now asked banks to ensure prompt payment of locker rent and has also allowed banks to take “fixed deposits” at the time of allotment of lockers. This would include three years’ rent and locker opening charges in case of such an incident.
However, banks should not insist on such fixed deposits from existing locker holders or those having satisfactory operating account.
The new guidelines also state that banks will have the discretion to open any locker following due process if the rent has not been paid by the customer for three consecutive years.
Currently, state-owned banks charge Rs 2,000 as annual rent for a small safe deposit locker and Rs 4,000 for a medium-sized one in urban and metro areas. The annual rent for a large locker is Rs.8,000. In addition, a customer will also have to pay the applicable GST.
Customer Information
RBI’s revised guidelines state that customers who do not have any banking relationship with the bank may be given the facility of safe deposit lockers/safe custody articles after following the customer due diligence norms .
Banks will have to do due diligence on all customers, regardless of capacity, in order to rent a locker.
digital framework
The central bank has asked all banks to maintain branch-wise list of vacant lockers as well as wait-list in Core Banking System (CBS) or any computerized system as per its norms on cyber security for transparent allotment of lockers. .
“Banks shall acknowledge receipt of all applications for allotment of lockers and shall provide a waiting list number to the customers if the lockers are not available for allotment,” RBI said.
It has also advised banks to formulate their own board-approved policy on the revised instructions.
responsibility of banks
RBI has directed banks to frame a Board approved policy outlining the liability payable by them for any loss or damage to the contents of the locker due to their negligence.
“The Bank shall not be liable for loss and/or damage to the contents of the locker arising out of natural calamities or acts of God such as earthquake, flood, lightning and typhoon or any act which is caused by the sole fault or negligence of the customer, “It said.
However, banks should take proper care of their locker systems to protect their premises from such calamities.
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