New Bank Locker Guidelines Will Come Into Effect In New Year From 1st January 2022, You Must Know The Rules

Bank Lockers New Rule: If you keep money, jewelry, jewelery or other important documents in the locker of banks, then it is very important for you to know this news. RBI has issued new rules regarding the lockers of banks, which is going to come into effect from January 1, 2022.

According to this new rule, the liability of banks in case of arson, theft, building collapse or fraud by bank employees will be limited to 100 times the annual rent of its locker.

RBI made rules

Actually, after the order of the court, RBI has made this rule on the accountability of banks regarding bank lockers. RBI has issued instructions for all banks regarding locker management. The new instructions will be applicable to both the existing safe deposit lockers and safe custody of goods with banks. Banks provide lockers to their customers to keep expensive things and important papers safe. All government and private banks provide locker facility, in return for which they also charge annual fees from the customers.

Supreme Court had directed

In February 2021, the Supreme Court had directed the RBI to frame a uniform rule for all banks regarding locker management within 6 months.

Banks’ responsibility will be 100 times

In case of fraud, fire, theft, building collapse or fraud by bank employees, the liability of the banks will be limited to 100 times the annual rent of the locker. Banks cannot claim that they are not responsible to their customers for the loss of goods kept in the locker.


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