Bank Locker Rules- Keeping cash in a bank locker is prohibited. Jewelleries, documents etc. can be kept in the locker. Compensation will be given in case of loss due to negligence of the bank, but not in case of natural disaster.
Many people rent bank lockers to keep their precious jewellery, important documents and personal belongings safe. Customers can also take a joint locker if they wish. For this, both the customers have to come to the bank and sign a joint memorandum. A nominee can also be made for the locker.
If the locker holder dies and he has made someone a nominee, then after complete verification, the bank allows that person to open the locker and take out the items. You cannot keep whatever you want in the locker. RBI has also made a list of what can be kept in the locker and what cannot. As far as cash is concerned, banks do not allow keeping cash in the locker.
You can keep jewellery, property documents, loan documents, birth or marriage certificate, documents like insurance policy and other legally valid items in the locker. According to RBI guidelines, keeping cash and currency in the locker is prohibited. Apart from this, you cannot keep weapons, ammunition, drugs, explosives, contraband material, perishable or radioactive items and any such thing in the locker which may cause trouble for the bank or customers.
Agreement is done on stamp paper
RBI had issued revised rules for Safe Deposit Locker in August 2022, which have been implemented on old locker holders from January 2023 and on new customers from January 2022. Under these rules, it is now mandatory for banks to enter into a locker agreement with customers on a new stamp paper. Banks can charge rent for a maximum of three years at a time. The bank has to make public the information about vacant lockers and waiting list.
Will the bank compensate for the loss?
According to the rules of the Reserve Bank of India, if the items kept in the locker are damaged due to the negligence or security lapse of the bank, then the bank will have to compensate for the loss. Banks are responsible for incidents like fire, theft, robbery or building collapse.
Yes, if the items kept in the locker are destroyed due to natural disasters like flood or earthquake, then the bank will not be responsible. It is also important to know here that if the item kept in the locker is lost or destroyed, the bank does not pay the full value of that item to the customer. Compensation is given only up to 100 times the annual rent. For example, if the annual rent of the locker is ₹ 1000, then the maximum compensation can be up to ₹ 1 lakh only.
Related Articles:-
IMD Alert! Heavy rain and strong wind in these states in the next 36 hours
CNG Auto Ban : Delhi To Ban CNG-Driven Autorickshaw? Key points of the draft of EV Policy 2.0
