New Bank Locker Rules: All you need to know about it
Zee News
Banks, on the other hand, are not allowed to ask current locker holders or people with active accounts for term deposits.
New Delhi: The Reserve Bank of India (RBI), India's top banking regulator, has issued new guidelines for banks' safe deposit locker and secure custody services. On August 18, the bank made the decision, citing major developments in banking and technology, as well as consumer complaints and criticism from several banks and the Indian Banks' Association (IBA).
Banks may encounter instances when the locker-hirer does not manage the locker and does not pay the fees. Banks are permitted to take a term deposit at the time of locker allotment in order to ensure timely payment of locker rent. The sum will cover three years' rent as well as the costs of breaking open the locker.
Banks, on the other hand, are not allowed to ask current locker holders or people with active accounts for term deposits.
