New Delhi: The Reserve Bank of India (RBI) has recently issued new rules on safe deposit lockers and safe custody article facility provided by banks. For this, RBI has taken into account changes in banking and technology, customer complaints and suggestions from banks as well as Indian Banks Association (IBA).

Under this, even if you don't have any transactions with a bank, you can be given locker facility after following all the rules. Simple, in words, you no longer need to have an account in a particular bank to get a locker facility. The new RBI directives will come into effect from 2022. Banks may sometimes face situations where the account holder does not operate the locker or pays the rent (Locker Rent). In such a case, banks will now be able to take term deposits at the time of locker allotment to ensure payment of locker rent.

This will be equivalent to three-year rent and other charges. At the same time, banks will be able to open lockers in case of an unexpected situation. However, existing locker holders and operative account holders of banks will not have to pay term deposits. On the other hand, the bank will now have to give notice in two newspapers in case of branch mergers, closures or shifts. Also, customers will have to give information at least two months in advance with the option to change or close lockers.

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