Want a bank locker? You may be asked to buy insurance, ULIP or investment first
Last Update Date: 05-10-2026
Published by India Today
Abhishek Kumar's role: Quoted
Abhishek Kumar explained that RBI rules bar banks from tying locker allotment to other products, and said customers can refuse, ask for the demand in writing and escalate to the RBI Ombudsman if needed.
More of Abhishek's views on insurance
Part of India Today's series on bank lockers, this article reports cases where customers were asked to buy insurance or investment products before getting a locker. It sets out what RBI rules allow, why branches push such products, the warning signs and how customers can complain.
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Want a bank locker? You may be asked to buy insurance, ULIP or investment first