Bank Locker Rules Updated: 5 New Regulations For Storing Gold And Cash

With safety in mind, many people choose to store valuables like jewelry in bank lockers instead of at home. However, it's essential to be aware of the latest rules. The Reserve Bank of India ( RBI ) has implemented new guidelines for safe deposit lockers . Here's what you need to know about these updates:

1. Safe Deposit Lock Changes

In August 2022, the RBI introduced new rules requiring banks to revise their agreements with existing locker holders by January 1, 2023.

2. Waiting List Transparency

Banks must now display a list of vacant lockers and the waiting list. Additionally, they can charge up to three years' rent from customers at a time.

3. Fair Locker Agreements

The revised RBI rules mandate that banks ensure locker agreements do not contain unfair terms, protecting customers from losses without the bank's responsibility.

4. New Agreement Requirements

The new agreement between banks and customers must specify what can and cannot be stored in lockers.

5. Permissible and Prohibited Items

According to the RBI, only jewelry, important documents, and legally valid items can be stored in lockers. Access is limited to the customer, excluding family members or others. Weapons, cash, foreign currency, medicines, or poisonous substances are prohibited. Storing cash violates the rules, and banks will not be liable for any loss.

6. Nominee Rules

If a locker holder appoints a nominee, the nominee can access the locker and its contents upon the holder's death, following complete verification by the bank.