The rental charge for getting a safe deposit locker in bank has gone up. In new instructions for lockers in bank, the Reserve Bank of India (RBI) stated that banks can take a ‘Term Deposit’ to ensure prompt payment of locker rent.

The banks can take deposit during the allotment of a locker. This deposit would cover charges for breaking the locker and three year’s rent.

The RBI says that banks should not insist existing locker holders to pay Term Deposit. Also, the deposit should not be paid by the account holders, who have satisfactory operative account.