Banking · Safe Deposit Locker Regulations
According to the revised Reserve Bank of India guidelines on Safe Deposit Locker operations, which condition is mandatory for a bank regarding the term deposit taken from a customer at the time of locker allotment?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1The security deposit is only applicable to lockers hired by non-resident Indians and corporate entities, whereas resident individual customers are exempted.
- 2The bank must insist that the customer maintains a minimum balance of 1,00,000 Rupees in their savings account in lieu of a term deposit.
- 3The bank is permitted to obtain a fixed deposit covering up to three years of rent and the charges for breaking open the locker in case of events such as non-payment of rent.✓
- 4The bank can demand a term deposit covering ten years of locker rent and an additional fifty percent of the total rent to cover potential maintenance costs and insurance premiums.
Correct answer
The bank is permitted to obtain a fixed deposit covering up to three years of rent and the charges for breaking open the locker in case of events such as non-payment of rent.
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