LOCKER GUIDELINES (ARTICLE No.07)
Reserve Bank of India has amended the guidelines related to renting of bank lockers with effect from January 1, 2022. According to the guidelines of the Reserve Bank, the entire responsibility of the security of the premises where there are safe deposit lockers will be with the bank. It states that in the event of fire, theft, theft or burglary in the locker, the bank cannot abdicate its liability. In these cases, the liability of the bank will be up to one hundred times the annual rent of the locker. This means that the bank will give up to 100 times the annual rent of the locker to the customer. As banks cannot claim that they bear no liability towards their customers for loss of contents of the locker, in instances where the loss of contents of the locker are due to incidents mentioned above or attributable to fraud committed by its employee(s), the banks’ liability shall be for an amount equivalent to one hundred times the prevailing annual rent of the safe deposit locker,” says the RBI notification.
As per above guidelines in case you’re paying locker rent of Rs. 4,000 per year then liability of bank will be limited to 4000×100 = Rs. 4,00,000.
