If you use bank locker then it is important to know the new rule. RBI has extended the time till December 31, 2023 to fulfill the rules related to the locker. Let us know about it in detail.
RBI had earlier set January 1, 2023 as the last date for signing new agreements for bank lockers. Now it has been extended to 31 December 2023. This process is to be completed in a phased manner. RBI has set a target of signing 50% of new bank locker agreements by June 30, 75% by September 30 and 100% by December 31, 2023. These rules have come into effect from January 1, 2022, for new bank locker customers. The last date for signing new agreements for old customers has been extended to 31 December 2023.
Information about the goods will have to be given clearly in the agreement.
According to the new rules of bank locker, the bank and the customers will have to clearly mention in the new agreement what kind of goods can be kept there and what kind cannot. Along with this, banks are now starting to charge new types of charges from people who avail the facility of locker to keep valuables in the bank. To bring this new rule into the agreement with the customers, banks are charging various types of stamp duty. At the same time, in the name of fine charge, they are opening their pockets.
The new agreement for keeping the locker with the banks will now be signed on stamp paper. Old customers will not have to bear its expense, rather banks will provide it free of cost. RBI has made many changes regarding the new agreement. This protects the interests of the customers who own the locker.
Cannot keep medicines or poisonous items
Weapons, cash or foreign currency or medicines or any deadly poisonous items cannot be kept in the bank locker. The new rules will free the bank from many responsibilities. The Bank will not be responsible if the password or key of the Bank Locker is lost or misused. The bank will be responsible for the safekeeping of the customer’s belongings. If the bank is unable to do so, then it will have to pay damages as per the rules related to it, which may change from time to time.
There was no recovery of missing material
In the old locker agreement, there was no recovery for the customers in case of missing items from the lockers or damage to the contents available inside the locker in case of an emergency. Other public sector banks, including Punjab National Bank and State Bank of India, are taking only KYC-related documents from customers for new agreements, which include PAN card, Aadhaar card and two photographs. Government banks are taking signatures on the agreement free of cost and due to this they are not charging any kind of fee from their customers.
100 times compensation of rent
If the articles kept in the bank locker go missing, then you will be compensated 100 times of the rent you are paying for the locker. No matter how much valuables you have kept in the locker. That’s why before taking a locker in the bank, you should get information about all the terms and risks.
According to the rules of the Reserve Bank of India (RBI), now customers will be able to keep only jewellery, important documents and legally valid goods in the bank locker. Bank locker will be available to customers only for their personal use. Also, now no one else will be able to use them. This means that family members will not have the facility to open each other’s lockers.
