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People use bank lockers to keep their valuables and important documents safe. The banks provide 24×7 CCTV surveillance, controlled entry, alarm systems and other modern security measures to ensure the safety of customers. However, bank lockers can be used only for legitimate and prescribed purposes. The Reserve Bank of India has amended some rules to bank lockers and issued new guidelines. As per these Terms, Locker Users are required to abide by the revised Locker Agreement and its terms and conditions.

What can you keep and what can’t you keep?
According to the Reserve Bank of India, bank lockers cannot be used for any illegal or unlawful purpose. Strict action can be taken if dangerous, banned or illegal items are kept in the locker. Let’s see what you can keep and what you can’t keep.

Items that can be kept in a bank locker:
jewelery
loan documents
property documents
birth certificate
marriage certificate
insurance policy
savings certificate
Other confidential and valuable documents
The following items cannot be kept in a bank locker:
cash and currency
weapons and ammunition
drugs
Explosives and prohibited items
flammable or radioactive objects
dangerous or illegal substances

Further, no such item can be kept in the locker which may cause inconvenience or loss to the Bank or other customers. These RBI rules have been implemented to ensure the safety of customers and maintain transparency in the banking system. Locker holders are advised to follow the guidelines issued by the Bank and renew their locker agreement on time.

What if locker rent is not paid for three consecutive years?
If a customer does not pay his bank locker rent for three consecutive years, the bank has the right to demolish the locker. As per the guidelines of Reserve Bank of India, the bank may open the locker in such situations by following the prescribed procedure. However, legally, the process of opening this locker must be strictly regulated and transparent. A detailed list should be prepared of all the items taken out from the bank locker. Subsequently, while handing over the locker items to the customer, it is mandatory to obtain written consent of the customer for the inventory to avoid any disputes in future. The Reserve Bank has clarified that all steps taken with respect to locker operations are aimed at protecting the interests of customers and maintaining transparency in the banking system. Banks should strictly follow the rules and procedures prescribed in such cases.