Bank locker rules: Usually we take bank lockers to keep valuables, documents or jewellery. Whenever we go to apply for locker in the bank, various rules are explained by the bank staff. Often banks ask for a fixed deposit in lieu of the locker. The question is whether this demand of banks is right. Many times, customers get FD done by following the existing rules and understanding the banks. Here it is important for you to know that the Reserve Bank (RBI) has set the rules regarding the opening of bank lockers.
Let’s know what RBI rules say about bank lockers…
How do lockers operate?
In whichever bank you take the locker, there are two keys for each locker. One key is with the customer and the other with the bank. The locker opens only after holding both the keys. Apart from this, there is also a limit on the number of times a customer can operate the locker in a year. This limit may vary from bank to bank. Charges have to be paid for using the locker more than the prescribed limit.
Bank account is not necessary for locker
According to RBI rules, any person can open a locker in any bank. For this, an account in that bank is not necessary. However, annual rent and charges have to be paid for the locker. Therefore, it is better that you take a locker in the same bank where you have your savings account. Often banks refuse to open the account locker without.
Is FD necessary?
Often when you go to the bank locker, the bank asks you to get the FD. According to RBI rules, banks can ask the customer to open an FD amounting to 3 years rent of the locker and the amount to bear the charges for breaking the locker for any reason. However, banks cannot ask any existing locker holder to open an FD.
Rent and charges
The annual rent for lockers in banks is fixed. It is different in different banks. If you have to break the locker in an emergency, then the customer has to bear the charge. Also, if you lose the key of the locker, you have to pay a charge.
How much is the waiting list
Every bank has limited lockers. That’s why they also have long waiting times. There is a provision in the RBI rules to prepare a waiting list and to keep transparency while giving the locker. Banks are also directed to provide a copy of the agreement to operate the locker to the customer at the time of handing over the locker.
Nominee can use locker
There is also a rule to make a nominee in the bank locker. As per RBI rules, after the death of the locker taker, his/her nominee has the right to access the locker. If the locker is opened in a joint and one or both of the openers have appointed a nominee, the nominee is entitled to access the locker along with the other locker holder in the event of the death of one of the locker holders. However, banks can do necessary investigation in this matter.
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