Hi All,
Wish you all a Very Happy New Year 2014. I am writing this thread in relation to the fixed deposit amounts demanded by various Branch Mgrs irrespective of the clear guidelines stated by RBI :
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According to Reserve Bank Of India guidelines as stated in the link below:
http://rbi.org.in/scripts/NotificationUser.aspx?Id=3422&Mode=0
“Fixed Deposit as Security for Lockers Banks may face situations where the locker-hirer neither operates the locker nor pays rent. To ensure prompt payment of locker rent, banks may at the time of allotment, obtain a Fixed Deposit which would cover 3 years rent and the charges for breaking open the locker in case of an eventuality. However, banks should not insist on such Fixed Deposit from the existing locker-hirers”. But Br.Mgr’s often ask for huge sums of deposit ranging from 1 lakh to 5 lakhs to allot a locker.
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Hence I approached the Branch Mgr of State Bank of Mysore, Bangalore and asked him to share with me the guidleines followed by Bank to allot a locker. He did not not share any details and said that it was the the Br. Mgr’s discretion to decide and accept the amount of deposit before allotting a new locker. Also the waitlist system is not followed and the process of ‘First Come First Serve’ method is ignored.
I lodged a complaint at State Bank of Mysore wesbite, got a call from their head office and same story was repeated and even they asked me that it is a mandatory requirement to deposit an amount to get a locker.
They are not ready to accept the fact that they are bound by RBI guidelines. I am ready to deposit an amount as mandated by RBI but not the sum demanded by Bank. What are the next options in line for me to take this case ahead as I am sure they are not following the guidelines by RBI.
Thanks
Kunal