Bank Lockers Rules: Banks, whether public sector or private sector, provide locker facilities to customers. In return, a fixed fee has to be paid to the bank. However, there are some rules for this, which it is in your interest to know about.
Bank Lockers Rules: Things will be safe in a bank locker, there is a risk in keeping them at home. With this thought, people keep precious things, especially jewelry, in bank lockers. If you also keep things in a bank locker, then first know the rules. Does the bank take a guarantee for the things kept in the bank locker?
Safe Deposit Lock
The Reserve Bank has issued new rules regarding safe deposit lock in August 2022. Under this rule, banks had to revise the agreement with existing locker holders by January 1, 2023.
It is necessary to show the waiting list
Under the new rules, banks will be required to show the list of vacant lockers and the waiting list. Apart from this, banks will have the right to charge a maximum of three years’ rent from customers for the locker at a time.
RBI revised rules
As per the revised RBI rules, banks will have to ensure that the locker agreement made by them does not contain any unfair conditions, so that the bank can easily back out if the customer incurs a loss.
New Rules
As per the new rules of bank locker, the bank and the customer will have to clearly mention in the new agreement what kind of stuff can be kept there and what not.
Valid Baggage
According to the rules of the Reserve Bank of India, customers can keep only jewellery, important documents and legally valid items in the bank locker. Only the customer will get access to the bank locker, that is, family members or anyone else will not have the facility to open the locker.
What not to keep in your locker
Weapons, cash or foreign currency or medicines or any deadly poisonous substance cannot be kept in the bank locker. If cash is kept in the locker then it will be against the rules and the bank will not be responsible for any loss.
Rules for making a nominee
If the locker holder has made someone a nominee for his locker, then after his death the nominee has the right to open the locker and take out its contents. Banks give this access to the nominee after complete verification.
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