Safe Deposit Locker/Safe Custody Article Facility provided by the banks - Revised Instructions

Safe deposit locker rules: updated CDD, security standards, nomination and 15 day claim settlement requirements.

Revised regulatory instructions require banks to apply Customer Due Diligence per KYC for locker hirers, maintain transparent allotment with CBS based vacancy and wait lists, adopt Board approved locker agreements, and follow specified rent, relocation and refund rules. Security standards mandate single point vault access, CCTV retention, BIS and Cyber Security Framework compliance for mechanical and electronic lockers, and protection of customer data. Operational controls include visitor logs, privacy during access, alerts to customers, master key custody and surprise verifications. Nomination, inventory and claim settlement procedures require prescribed forms, inventories with witnesses, 15 day settlement on proof of death, SOPs for break open, attachment, disposal and Board approved liability and insurance policies.