Latest RBI Locker Rules: Key Updates and Implications

  Dec 20, 2023

New RBI Locker Rules

Starting January 1, 2024, India will have new rules for bank lockers. These rules make banks and customers more responsible for security. Here are the key points simplified:

1. Enhanced Security: Banks must improve locker security with measures like alarms and surveillance cameras to prevent theft or damage.

2. Clear Responsibilities: The rules clarify what banks and customers are responsible for. Banks can’t open lockers unless they suspect illegal activities or need to prevent misuse.

3. Prohibited Items: Customers can’t store dangerous items like drugs or explosives in lockers.

4. Locker Misuse: If a customer misuses a locker, they are solely responsible for any problems that arise.

5. Damage Liability: If something goes wrong due to the bank’s negligence, such as damage to locker contents, the bank is responsible. However, if damage happens because of natural disasters or other uncontrollable events, the bank is not liable.

6. Cost Increases: Banks may raise locker fees due to these increased security measures.

7. Waiting Lists: Banks must maintain clear waitlists for allocating lockers and keep better records, including digital ones.

8. KYC Compliance: Customers must comply with Know Your Customer (KYC) requirements and may face higher rental rates if they have paid a higher security deposit.

9. Old Agreements: Existing locker agreements will soon be replaced with new ones that meet the updated security requirements.

10. Customer Concerns: Some customers worry about rising costs and stricter security, which could make accessing lockers more difficult or expensive.


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