New Delhi: The Reserve Bank of India (RBI) has recently issued new rules on safe deposit lockers and safe custody articles facility provided by banks. For this, RBI has taken into account changes in banking and technology, customer complaints and suggestions from banks as well as the Indian Banks’ Association (IBA).
Under this, even if you do not have any transaction with a bank, you can be given locker facility after following all the rules. In simple words, you now need to have an account in a particular bank to avail a locker facility. The new instructions of RBI will come into effect from 2022. Banks may sometimes face situations where the account holder does not operate the locker or does not pay the locker rent. In such a situation, banks will now be able to take a fixed deposit at the time of locker allotment to ensure payment of locker rent.
This would be equivalent to three years’ rent and other charges. At the same time, banks will be able to open lockers in case of unforeseen circumstances. However, existing locker holders and operative account holders of banks will not have to pay fixed deposits. At the same time, the bank will now have to give notice in two newspapers in case of branch merger, closure or shift. Also, customers will have to give information at least two months in advance with the option to change or close the locker.