New Delhi | Jagran Business Desk: The Reserve Bank of India (RBI) has decided to change the bank locker rules and announced new guidelines for safe deposit in lockers and safe custody facilities offered by banks. The central bank took the decision after getting feedback and consumer complaints from different banks as well as the Indian Banks’ Association (IBA).

Have a look at these new locker guidelines:

1. There are cases when, the locker hirer no longer manages the locker or pays the respective charges so, to ensure that the locker hirer makes timely payment of locker rents, the bank has the authority to take a term deposit at the time of locker allotment. This amount will include both three years of rent and charges for breaking open the locker.

2. Banks are not allowed to ask for term deposits from current locker holders or from people who already have functioning operative lockers.

3. If the bank has already taken locker rent in advance, then a particular amount of the advance amount will be returned to customers. Apart from that, in the case of natural calamities, banks are responsible for informing their customers at the earliest.

4. If in case, there is damage or loss to the contents of the lockers, then the banks should always be prepared with a comprehensive board-approved policy detailing the liability owed by them.

5. Things which locker care involve are:

*Proper working of the locker system

*Ensuring that there is no unapproved access to the lockers

6. According to the new provisions, banks will not be liable in case of any harm or loss of belonging of locker due to natural calamities like earthquakes, floods, etc.

7. Apart from that, banks will include an additional clause in the locker agreement in order to ensure that the locker hirer should not keep anything hazardous in the locker.

9. Banks have set 100 times the amount of yearly rent, in case of fraudulent done by the bank professional, fire or building collapse.

Posted By: Mallika Mehzabeen