Bank locker Rules: New rules of bank locker have come into force. But there is still confusion among the customers regarding the new rule Bank lockers. After the new rules, customers are facing problems. It is also not clear yet who will bear the cost of the stamp paper.
New Delhi: New rules have been implemented by the Reserve Bank of India (RBI) regarding Bank Locker, but there is still confusion and confusion among the customers. Explain that the condition of RBI is that bank locker holders will have to show eligibility for new locker agreement within the time limit and will have to enter into an agreement for renewal. Now after the new rules, customers are also facing problems. While some banks are asking locker users to submit stamp agreements on Rs 500 paper, some are ready to accept Rs 100 stamp paper. It is not clear who will bear the cost of the stamp paper. Some banks are giving stamp paper while some banks are asking customers to bring stamp paper. Along with this, the shortage of stamp paper is also coming to the fore. Bank customers complain that they have not yet received information regarding the new contract from the bank branch.
Who will pay the stamp paper charges?
Along with this, banks have increased the annual charges of lockers. SBI has increased the annual fee from Rs 1,500 to Rs 12,000 depending on the type of locker on which GST is also being levied from Rs 500 to Rs 3,000. HDFC Bank, on the other hand, has fixed the annual locker charges from Rs 1,350 to Rs 20,000 depending on the type of lockers and the location of the branch. Significantly, two years ago, on August 18, 2021, the Reserve Bank issued instructions to all banks to complete the new contract with their locker holders by January 1, 2023. Then in January this year, the Reserve Bank told in a circular that a large number of locker holders are yet to enter into new contracts.
In many cases, the banks have not even informed their locker holders that it is necessary to do so within the stipulated time period. The Reserve Bank extended the date for renewal of locker contracts to December 31, and directed banks to complete 50% of the work by June 30, 2023, and 75% by September 2023. Along with this, the banks were instructed to display the progress of this work every month on the DAKSH supervisory portal of the Reserve Bank.
What did RBI say
As per RBI, while giving a locker to a customer, the bank has to enter into an agreement with the customer on a paper duly stamped. The customer should have a copy of the agreement signed by both the parties with the bank to enable the locker-hirer to know his/her rights and responsibilities. Apart from this, the bank will have to take all necessary steps for the safety of the locker. Now banks cannot say that they are not responsible for the contents of the locker. In case of theft, fraud, fire or building collapse, the liability of the banks will be up to 100 times of the annual rent of the locker.
