Bank Locker New Rules: Important News For Bank Locker Users! RBI Releases New Rules, Know Else…

Nowadays many people keep valuables in bank lockers. If you are also using a bank locker, then know the important rule of RBI.

Bank Locker New Rules: Nowadays many people keep their valuables, documents in bank lockers due to some other reasons like theft and fire. But you also have to pay a certain amount every year for this.

A few days ago, the Supreme Court ordered the RBI to take some important steps on the security of bank lockers. Now once again RBI has issued some new rules. So if you are using bank locker then read the news.

Amended Agreement

New rules agreement for new locker customers is effective from January 1, 2022. RBI has given banks a window to complete the process till January 1, 2023 for existing locker customers. Also, before the January 1 deadline, both the RBI and the banks realized that a large number of customers had still not signed the revised agreement. For this reason RBI has extended this limit till 31 December 2023.

Agreement as well as stamp paper

As per RBI’s new guidelines, the new locker agreement should be on stamp paper, which banks will have to provide free of charge. In this regard, the RBI in its circular said, “Banks are advised to facilitate new/supplementary stamped contracts with their customers by arranging for stamp paper, franking, electronic execution of contracts and e-stamping etc. and give them a copy.

Also “a copy of the locker agreement signed by both parties shall be submitted to the locker hirer to inform him of his rights and responsibilities. The original copy shall be kept in the bank branch having locker.”

Most importantly, while signing the contract, make sure you read it carefully. If you disagree with any clause or rule specified by your bank, check with your bank to ensure that the terms are as per RBI guidelines.

Fixed deposits for lockers

Banks have been allowed to take fixed deposits at the time of allotment of lockers by RBI. Under this, three years rent and locker opening charges if required can be covered. This includes situations where the locker holder neither operates the locker nor pays the rent. Banks do not open lockers for customers with good track record.

Suppose if a bank takes the rent of a locker in advance and if the locker surrenders the locker in the meantime then the bank has to refund the advance rent amount.

What if there are floods and earthquakes?

Bank shall not be responsible for any loss of locker contents due to rain, flood, earthquake, lightning, riots, terrorist attacks or customer’s negligence.

It is the responsibility of the banks to take all steps to ensure the security of the premises where the safe deposit vault is kept. In case of incidents like fire, theft, burglary, robbery, as well as collapse of the building, negligence of the bank or fraud of the employees, the bank has to pay compensation to the locker holder. The liability of the bank will be 100 times the current annual rent of the safe deposit locker.

Most importantly, register your email id and mobile number with the bank. Also the bank will send an email and SMS alert indicating the date and time of the locker operation.

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