RBI rules apply to bank lockers. The bank charges a fee from the customer for opening a locker account. Usually this fee is annual. The customer should know about the fees properly before opening a locker account
Are you planning to get a bank locker? If yes, then it is important to know some basic things about it. RBI has recently made some changes in the rules related to lockers. It would be good to know them as well. RBI rules apply to bank lockers. RBI has said that customers who have signed agreements with the bank for lockers on or before December 31 will have to sign the revised agreement. Then, it will have to be sent to the bank. Let us now know those things which are important to know before getting a locker.
Choose your bank wisely
You need to choose a bank for a locker very carefully. First of all, you have to choose a bank with good services. Secondly, the closer the bank is to your home, the better it is. If you already have a savings account in that bank, then it is even better. It is important to choose a bank carefully because once you open a locker account, if you do not like the service of the bank, then you will face problems.
Also Read-Â How much profit will you get on investing 5 lakhs in SBI FD or KVP for 10 years? See the calculation
Keep these documents ready in advance
If you want to open a locker account in a bank in which you do not already have an account, then the bank may ask you to open a savings or current account first. For this, you must have your passport size photo, identity proof and address proof. Apart from this, PAN will also be required. You can use your Aadhaar for address proof.
What things are allowed to be kept in the locker?
Generally, a locker is used to keep valuables. Especially those things which we do not consider safe to keep at home. These include jewellery, loan papers, land papers, birth and marriage certificates, insurance policies, savings bonds, etc. The customer’s agreement with the bank includes the terms and conditions for using the locker.
Locker fees
The bank charges the customer a locker fee every year. The fee may vary according to the bank branch. The locker fee may be higher in branches located in crowded areas. It is important for you to know about the fees properly before opening a locker. Many people open a locker first, but later they face problems in paying the fees. You can use the auto debit facility to pay the locker fees. This will automatically deduct the fee from your savings account on the due date. You will not need to go to the bank branch to pay the locker fees.
Related Articles-
What is the Income Tax e-Dispute Resolution Scheme, what is the process to avail its benefits?
Bank Locker Rules: You cannot keep these things in a bank locker as per RBI rules, know details
Bank Lockers Update: Four nominees can be given for bank locker as well, know details here
