Cap on term deposit while opening bank locker will end arbitrariness

Your bank will bear limited liability for the contents of your locker, so buy insurance

PF, bank, locker, insurance

If a bank customer keeps high-value items in his locker, he should consider buying an insurance cover.

Sanjay Kumar Singh
The Reserve Bank of India (RBI) has issued revised guidelines on how banks should operate their safe deposit lockers. The new provisions are expected to enhance transparency for customers.
Method to locker allotment
Banks will have to maintain a branch-wise list of vacant lockers and a waitlist of customers who want lockers. “With a centralised repository, customers will be able to know whether lockers are available in their home branch or other branches, and take informed decisions,” says Adhil Shetty, chief executive officer,
When a customer applies, the bank will have to provide him with a waitlist number. This will curtail out-of-turn allotments.
Limit set on term deposits
Banks often ask customers to start

First Published: Aug 20 2021 | 06:07 AM IST

Explore News

To read the full story, subscribe to BS Premium now, at just Rs 249/ month.

Key stories on are available only to BS Premium subscribers.

Register to