Rules Change: The beginning of the new year 2023 is bringing many changes. There are also some banking rules in this. It will be necessary to sign a new agreement for the locker, banks will not be able to shirk responsibility.
Rules Of 2023: If you have taken a bank locker or are planning to take one, then this news is useful for you. Many rules related to lockers are going to change from the first date of the next year i.e. 1st January 2023 (New Year). According to the revised notification of the Reserve Bank of India (RBI), banks will not be able to act arbitrarily in the matter of lockers and will not be able to shirk their responsibility in case of loss to the customer.
Other banks including SBI and PNB have started informing customers about the new rules through SMS. Banks will renew their locker agreements with existing locker customers till January 1, 2023. It is noteworthy that under the Bank Locker Agreement Policy, while allocating a locker to a customer, the bank enters into an agreement with the customer, after which the locker facility is provided. A copy of the locker agreement signed by both the parties on a duly stamped paper is given to the locker hirer to know his rights and responsibilities. Whereas, the original copy of the agreement remains with the branch of the bank where the locker facility is provided to the customer.
RBI said banks will have to show the list of empty lockers and the waiting list number of the locker. Also, the Bank will have the right to charge the locker rent at one time for a maximum period of three years. For example, if the locker rent is Rs 1,500, the bank cannot charge you more than Rs 4,500 excluding other maintenance charges.
Banks will not be able to add unfair conditions
As per the revised RBI directive notification, banks shall ensure that their locker agreements do not contain any unfair terms or conditions. RBI has done this to protect the interests of customers because sometimes banks shirk their responsibilities citing conditions. Furthermore, to protect the interests of the Bank, the terms of the contract will not be more onerous than necessary.
Change in fees also
According to SBI, bank locker charges range from Rs 500 to Rs 3,000 depending on the area and size of the locker. Banks in big cities and metros charge Rs 2,000, Rs 4,000, Rs 8,000 and Rs 12,000 annually for small, medium, large and extra large size lockers. Whereas in semi-urban and rural locations, the bank charges Rs 1,500, Rs 3,000, Rs 6,000 and Rs 9,000 for small, medium, large and extra large size lockers.
It is mandatory to give information through SMS and email.
In case of unauthorized opening of the locker, it will be mandatory for the banks to inform the customers about the date, time and some necessary steps on the registered mobile e-mail before the end of the day. RBI has also said in the guidelines that it is mandatory to give information about the new locker system to every customer through SMS so that the customers are aware in advance. Apart from this, whenever you use the locker, you will be alerted by the bank through e-mail and SMS.
Banks will be responsible if goods get damaged
In general, banks often get away with theft cases by saying that banks are not responsible for any items kept inside the locker. As banks deny accountability, customers are forced to fight legal battles. After January 2022, banks will not be able to escape from their liability in case of damage or loss of goods from the bank locker. According to the new standard of the Reserve Bank of India i.e. RBI, if there is any loss of any locker item due to the negligence of the bank, then the bank will have to compensate the customers.
It has been said in the RBI notification that it is the responsibility of the banks to take all steps keeping in mind the security. According to the notification, it is the responsibility of the banks to ensure that cases like fire, theft, robbery do not happen due to any deficiency or negligence in the bank.
These changes also took place
According to the new rules, if the locker owner makes someone a nominee, then the banks will have to give him permission to withdraw the goods.
If the contents of the locker are damaged due to any natural calamity like earthquake, flood, storm etc., the Bank will not have any responsibility to compensate for the same.
Even if the loss occurs due to the customer’s own fault or negligence, the bank will not give any money to the customer.
