Bank Locker Agreement Notification: New bank locker agreement rules 2023: Customers use bank locker facility to keep their valuables, documents etc. There is an agreement between the bank and the customer, in which all the rules are clarified.
Customers use the Bank Locker facility to keep their valuables, documents etc. From 31 December 2022, new locker related rules of RBI have been implemented. Locker agreements have also been handed over to the customers till January 2023. A guideline has also been issued to compensate for the loss of locker contents. In such a situation, it is important for the customers to know the rules related to their bank locker.
What is Bank Locker Agreement
According to the PNB Locker Agreement Policy (Bank Locker Policy 2023), while giving the locker to the customer, the bank enters into an agreement with that customer. A copy of this Agreement on paper duly stamped and signed by both the parties is given to the Locker Hirer for his/her rights and responsibilities. Whereas, the original copy of the agreement remains with the branch of the bank where the locker facility is given to the customer.
Compensation for loss of locker contents
According to the Center for Investment Education and Learning, banks will compensate the locker hirer in case of any loss of locker contents due to the bank’s negligence, such as fire, theft, robbery and building collapse. The bank will pay up to 100 times the annual rent for the safe deposit locker. At the same time, the Bank will not be liable for loss of locker contents due to natural calamities like earthquake, flood, lightning or storm or due to the negligence of the customer.
bank locker fees
Banks may demand a fixed deposit from the customer at the time of providing the locker, which will cover three years’ rent and locker related charges to ensure regular payments. According to SBI, bank locker fees range from Rs 500 to Rs 3,000 depending on the area and the size of the locker. Charges Rs 2,000, Rs 4,000, Rs 8,000 and Rs 12,000 for extra-large size lockers.
