If you are also thinking of getting a bank locker for yourself, then it is important for you to know some basic things about it first because RBI has recently made some changes in the rules related to lockers.
Let us tell you that RBI rules apply on bank lockers. The Reserve Bank of India has set a guideline, which gives information like what can be kept in the locker or the liability of the bank in case of theft or loss of any item.
RBI’s bank locker rules also explain the process of renewing the bank locker agreement. Account holders who have entered into agreements for lockers on or before December 31, 2023, will have to sign the revised agreement and submit it to the bank.
Who can open a bank locker and what are its basic requirements?
In some banks, to avail the locker facility, customers need to open a savings account or current account in that bank. To avail the locker facility, PAN card or Aadhaar card and a recent photograph along with identification proof and address proof have to be submitted.
Sign the locker agreement: For the locker, the bank provides a document that explains how the bank’s locker service will work. Both parties have to sign this agreement. Locker allotment: Bank lockers range in size from small to large and can be single-tiered or multi-tiered in design. After getting the locker, the customer is given a specific number of keys to open his locker and the bank has the master key. Payment:
In most cases, banks demand a security deposit which can be in the form of a fixed deposit or a cash amount. Apart from this, the fee for renting a locker depends on the location of the branch and the size of the locker being rented. Important things related to bank locker:
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Bank lockers are quite safe. However, to be on the safer side, you should get the valuables kept in your locker insured as most banks provide a disclaimer stating that they will not be responsible for any loss of items kept in the locker.
Make sure to nominate someone for the locker so that after the death of the account holder, he/she can access the locker.
According to the new rule, in case of any loss caused to the user due to negligence on the part of the bank, the maximum liability of the bank will be 100 times the annual locker rent. That is, the bank will have to pay 100 times the annual fee of the locker to the user. The bank will not have any liability in case of natural disasters.
Natural disaster means earthquake, flood, lightning, storm etc. The bank will not be responsible for any damage caused to the bank locker due to them.
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