Read these RBI rules before subscribing to bank lockers

The Reserve Bank of India had tweaked the bank locker rules last year. These rules were made applicable in January this year. The main aim of these rules is to protect the property of the customers from robbers and burglars. Here are some locker rules that every one must know about. 

Normally, banks shirk responsibility for the lockers' content in case of theft. However, with the new rules, banks can't deny their responsibilities. 

If something gets stolen from their lockers, banks will have to pay up the value of the amount many times the original value. 

Per the RBI, bank officials will have to display the number of empty lockers and also the waiting list for the lockers. 

Whenever a person uses the locker, the banks are liable to inform the customer via email and SMS.

Now the banks can earn rent on bank lockers for only three years. For instance, if the yearly rent is Rs 2500, a bank can not charge more than Rs 7500.