Customers who want to secure their assets can hire lockers from banks. It is a service that you may purchase for a fee. Rules for using bank lockers are regularly released and updated by the Reserve Bank of India (RBI). In January 2022, it underwent a revision that affected bank locker rules and regulations. According to the Bank of Baroda website, following are the new bank locker rules that bank locker customers ought to know.
Alert notifications
Customers must receive notifications from banks about the use of their lockers by SMS and email at the email and mobile addresses they have on file. The notification should include the date, time, and a procedure for dealing with unauthorised locker access.
Compensations
The bank shall be held accountable for any loss of your locker contents caused by theft, burglary, or robbery, according to bank locker guidelines in cases of theft. The bank is responsible for paying you 100 times the annual rent for a safe deposit box at the time. In the event of a fire, a building collapse, or fraud, this compensation is also applicable.
Security
Vaults and locker rooms for bank employees must have a single, clearly marked entrance and exit. The locker room areas need to prevent flooding, fire, and weather-related risks from entering and causing damage to the building. Banks are required to keep CCTV recordings for up to 180 days. In cases when a customer has filed a complaint with the bank about theft, unauthorised entry to a locker, security violations, etc., the banks are required to retain the CCTV footage through the conclusion of the police investigation.
Locker standards
According to updated bank locker operating guidelines, new mechanical lockers must meet safety standards established by the Bureau of Indian Standards (BIS). Banks are required to make sure that electronically operated locker systems adhere to the RBI-mandated Cyber Security Framework. The locker keys must have bank or branch identification codes imprinted on them. If the bank offers this option, customers may utilise an extra padlock.
Locker rent
Your Term Deposits may be used by the banks to pay the locker rental fees. The bank has the right to enter your locker if you don’t pay the leasing fees. Banks may use the amount of the Term Deposit to make up for any losses they may have suffered. If the bank has already collected the rent, it is required to return a portion of the money to the consumer. On the website of our bank, you can view our Locker charges.
Nominations
A nomination facility may be provided by banks. To guarantee the security of the locker contents, they can also create their own claim types and bank locker agreement formats.
