RBI revises guidelines for hiring of bank lockers | All you need to know

The Reserve Bank of India (RBI) on Wednesday announced revised norms for deposit lockers, safe custody and article facility in banks.

If you are planning to get a safe deposit locker in a bank, the rental charge to be paid upfront has gone up and the terms are now tougher. The Reserve Bank of India (RBI) in its new instructions for lockers in banks has stated that to ensure prompt payment of locker rent, banks would be allowed to take a "Term Deposit", at the time of allotment of a locker. This would cover three years’ rent and the charges for breaking open the locker in case of such eventuality.