Bank Locker Rules: Know the RBI rules before taking a bank locker – Check rule details here

If the key of the bank locker is lost, then first of all you have to inform the bank about it. Also, an FIR has to be lodged for the loss of the key. If the key of your bank locker is lost, then in that situation two things can be done-

Firstly, the bank will issue a new key for your locker. For this, the bank will get a duplicate key made. However, there is a risk in getting a duplicate key made that the person who makes the duplicate key of that locker may do some wrong thing in the future.

The second situation is that the bank will issue you another locker and the first locker will be broken. After breaking the locker, all its contents will be shifted to another locker and its keys will be given to the customer. However, the customer may have to bear all the expenses from breaking the locker to getting it repaired again. In such a situation, try to keep the keys very carefully.

How is a locker broken?

The arrangement of a bank locker is such that from opening it to breaking it, both the customer and the bank officer are present during every work. Whenever a customer goes to the bank to open his locker, the bank manager also goes with him to the locker room. There, two keys are used in the locker. One key is with the customer and the other with the bank. Unless both the keys are used, the locker will not open. After the locker is unlocked, the bank officer goes out of the room and the customer can see, change or take out the things kept in the locker with complete privacy.

Similarly, when a bank locker is broken open, it is necessary for the bank official as well as the customer to be present there. If the locker is taken jointly, then it is necessary for all the members to be present there. If the customer gives in writing that the locker can be broken open even in his absence, then the locker can be broken open without the customer and the items present in it can be shifted to another locker.

When can the bank break the locker itself?

If a person has a criminal case against him and it seems that he has hidden something in his locker which may be related to the crime, then the locker can be broken. However, in this situation, along with the bank officials, police officers are also required to be present.

According to SBI, if a person does not pay his locker rent for 3 years, then the bank can recover its rent by breaking open the locker. If the customer’s locker remains in-operative for 7 years and the customer is not traceable, even if the rent keeps coming, the bank can still break open that locker.