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Bank locker new rules; Banks can break the locker for ‘this’ reason

By Team YourCoimbatore on 21st November 2021
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The Reserve Bank of India (RBI) has issued revised guidelines regarding bank lockers. In this new guideline, new guidelines state that banks can break open the locker if the locker is not opened for a long time. Banks are allowed to open lockers that have not been opened for a long time, even if the rent for the locker is paid regularly.

Based on various developments in the banking and technology sector, customer complaints, and comments made by banks and the Banks Association of India, the Reserve Bank has recently revised the guidelines regarding bank lockers that are not open or in operation.

With the revised RBI guidelines, banks are allowed to transfer what is in a bank locker that has not been open for a long time to its nominee / legal heir or decides what to do with the goods transparently. This action will be taken if the locker holder has not been in contact for a period of 7 years.

The bank locker holder will be informed before breaking the locker. Notice will be sent by letter. SMS alerts will also be sent to the registered email ID and mobile phone number. The central bank’s guidelines further state that the locker must be broken in the presence of a bank official and two witnesses, and that the entire process must be videotaped.

The RBI further said that after breaking the locker, the contents will be kept safely in a sealed envelope until claimed by the customer.In addition, the new rules have been amended to provide compensation to the customer in the event of a bank fire or building collapse, in the interest of the customer.

However, banks are not responsible for damage to the bank locker and items in the locker due to natural disasters such as storms, floods, and earthquakes. Hazardous items and illegal items should not be kept in the bank locker. The new rules also state that customers will be severely punished if they violate the rules.

Logeshwaran J

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