Bank Locker Rules: Here's everything you should know to protect your assets

The Reserve Bank of India regularly updates rules for improving the safety and convenience of the bank customers. These are the Bank locker rules that everyone should know.

Reserve Bank of India changed the rules related to bank lockers in 2021 which are effective since January 2022. The primary objective of these bank locker rules was to protect expensive assets from theft and burglaries. With trembling economic inequality, jewelry and cash thefts are still prevalent in many parts of India. 

After Supreme Court’s order, RBI issued these bank locker rules. In general, banks often get away with theft cases stating that banks are not responsible for any goods kept inside lockers. As banks deny accountability, customers are obliged to fight legal battles. After January 2022, banks have not been able to escape their liability in case of damage or loss to the goods from the bank locker. To understand this, here are the bank locker rules you should know.

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Banks will need to pay 100 times the compensation of the rent

The Reserve Bank introduced a bank locker rule which states that if anything is being stolen from the locker, the bank will have to pay 100 times to the customer as a compensatory loss. The reason behind issuing this rule was complaints of thefts in bank lockers. 

The system has become more transparent as banks will have to show a list of empty lockers

Lack of transparency had always been a concern in the public sector departments. Until today, banks used to sideline the theft incidents and ignore them completely by saying that they were not responsible for it. RBI stated that in its order banks will have to show a list of empty lockers and the waiting list number of the locker.

Fraud Prevention Rules introduced: SMS alerts and e-mails

Every time you will access the locker, you will be alerted through e-mail and SMS through the bank. The objective of the rule is to prevent fraud. Also, the bank has the right to rent a locker for a maximum period of three years. For instance, if the locker rent is Rs 2000, the bank should not charge you more than Rs 6000, excluding other maintenance charges.

CCTV footage is mandatory for people using the locker room

RBI has made it mandatory to monitor the people coming and going into the locker room through CCTV cameras. Moreover, the data of CCTV footage will have to be stored for six months. In case of a security lapse or theft, the police will be able to investigate through the CCTV footage.

Key takeaways of Bank Locker's rules by RBI
 

1. Now, Banks cannot escape their liability in case of any damage or loss to the goods from the locker.

2. The Supreme Court has ruled that banks are not allowed to escape their liability concerning the goods in the locker. Thus, you can fight a legal battle against locker thefts.

3. These  instructions apply to both safe custody of goods and existing lockers within the banks.