Democratic Indian (n/a) 05 September 2012
A branch of nationalized bank is demanding a fixed deposit as a condition for providing locker facility and also not giving the original fixed deposit certificate to the customers. Instead providing a photocopy(xerox) of the fixed deposit certificate that is signed and stamped by the bank official.
Is demanding fixed deposit for providing locker and not providing original fixed deposit certificate violation of any law or rule?
adv. rajeev ( rajoo ) (practicing advocate) 06 September 2012
Bank cannot do so. It is a business tactics by the bank to get increase their deposit. You write it to the regional office of the bank not issuing the original deposit certificate and illegal demand.
stanley (Freedom) 06 September 2012
Most of the banks ask for a fixed deposit .This works as a security in case you do not pay the rent for your locker or your account balance works out to nil how would they recover the rent in case you run away . The fixed deposit does not have to be of a high value but say of around Rs 15,000. As Mr Rajeev have conveyed it is not a business tactic but a security . Even if you write to the regional office they want respond .
Prasun Chandra Das (Banker) 06 September 2012
RBI says that (1) at the time of allotment, banks may obtain a FD which would cover 3 years rent and the charges for breaking open the locker in case of an eventuality, and (2) banks should not insist on such FD from the existing locker hirers. Reference- RBI Circular No.DBOD No.Leg.BC.78/09.07.005/2006-07 dated 17.4.07.
So, at the time of allotment, banks may/may not ask for such FD, subject to amounts as permitted by RBI.
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