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HomeFinanceBefore subscribing to bank lockers, Read these RBI rules

Before subscribing to bank lockers, Read these RBI rules

The Reserve Bank of India changed the rules for bank lockers last year.

According to the RBI, bank employees will be required to display the number of empty lockers. These principles were made relevant in January this year. The primary objective of these regulations is to deter robbers and burglars from stealing customer property. Everybody needs to be aware of the following rules for the locker.

In most cases, banks avoid liability for the contents of lockers in the event of theft. However, banks cannot deny their responsibilities in light of the new regulations.

Banks will be required to pay many times the original value if something is stolen from their lockers.

According to the RBI, bank employees will be required to display both the waiting list for lockers and the number of empty lockers.

The banks are obligated to notify the customer via email and SMS whenever a person uses the locker.

For the time being, the banks can only rent out bank lockers for three years. A bank cannot charge more than Rs 7500, for instance, if the annual rent is Rs 2500.

Source

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