Bank Locker Rules: If you also use Bank Locker or are planning to get a bank locker, then this is useful news for you. Actually, the rules of bank locker are going to change from January 1, 2023.
If you also use Bank Locker or are planning to get a bank locker, then this is useful news for you. Actually, from January 1, 2023, the rules of bank locker are going to change. The Reserve Bank of India (RBI) has said that all major banks have been asked to issue locker agreements to their holders before January 1, 2023. As per RBI’s revised rules, banks will ensure that their locker agreements do not contain any unfair terms or conditions. The bank will also renew the agreement with its existing locker customers. The new locker rules will come into effect from January 1, 2023.
Banks will give information about new rules through SMS
After the implementation of the new rules, banks will not be able to do arbitrariness with the customers regarding lockers. If there is any damage to the goods kept in the bank locker, the responsibility of the bank will now be fixed. The bank will have to sign the agreement by December 31. Customers will have to inform the bank about the change in locker rules through SMS.
Bank will compensate for the loss
According to the new rules of RBI, if the things kept in the locker are damaged due to the negligence of the bank, then the bank will pay for it. It is the responsibility of the banks to take necessary steps for the security of the area or branch. Bank will compensate up to 100 times of the annual rent of the locker if the loss is due to fraud by the Bank’s employee.
Compensation will not be available in these circumstances
The bank will not give compensation in case of natural calamities like earthquake, flood, lightning, storm etc. The Bank will not be responsible for any loss due to customer’s fault or negligence. RBI said that all banks will have to issue new locker rules, so that the interest of the customers is protected. Banks can prepare model locker agreement as per the draft rules of IBA. These are made as per the guidelines of the Supreme Court.
