Customers use the Bank Locker facility to keep their valuables, documents etc. From 31 December 2022, new locker related rules of RBI have been implemented. Locker agreements have also been handed over to the customers till January 2023. A guideline has also been issued to compensate for the loss of locker contents. In such a situation, it is important for the customers to know the rules related to their bank locker.

What is Bank Locker Agreement

According to the PNB Locker Agreement Policy (Bank Locker Policy 2023), while giving the locker to the customer, the bank enters into an agreement with that customer. A copy of this Agreement on paper duly stamped and signed by both the parties is given to the Locker Hirer for his/her rights and responsibilities. Whereas, the original copy of the agreement remains with the branch of the bank where the locker facility is given to the customer.

Compensation for loss of locker contents

According to the Center for Investment Education and Learning, banks will compensate the locker hirer in case of any loss of locker contents due to the bank’s negligence, such as fire, theft, robbery and building collapse. The bank will pay up to 100 times the annual rent for the safe deposit locker. At the same time, the Bank will not be liable for loss of locker contents due to natural calamities like earthquake, flood, lightning or storm or due to the negligence of the customer.

bank locker fees

Banks may demand a fixed deposit from the customer at the time of providing the locker, which will cover three years’ rent and locker related charges to ensure regular payments. According to SBI, bank locker fees range from Rs 500 to Rs 3,000 depending on the area and the size of the locker. Charges Rs 2,000, Rs 4,000, Rs 8,000 and Rs 12,000 for extra-large size lockers.

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What is written in the notification?

In the RBI notification, customers were asked to renew the locker agreements by January 1, 2023. Banks are also sending SMS regarding this to their customers. Customers will have to produce evidence to prove eligibility for the locker system. But some customers have received SMS related to the agreement from the bank regarding the locker, while some customers say that they have not received any message at all.

How to update locker agreement

If you have not yet renewed the locker agreement, then contact the bank for this and get the agreement updated. Customers should use the locker at least once in a year. You can open the locker by following the protocol attached to the agreement.

What is locker agreement and how to do it?

Locker agreement is an agreement between the bank and the customer on a sealed document. A copy of this signed agreement is given to the customer. In this, the customer is told about his responsibilities and rights. The bank is responsible for the security of the locker. RBI’s notification says that it is the responsibility of the bank to take all necessary steps regarding the security of its campus so that the essential goods of the customer are safe.

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Bank Locker Agreement Notification: People often keep their valuables, papers and lifetime savings in bank lockers. But from January 1, 2023, a new bank locker rule has come into force. Your belongings are also kept in the bank locker, so read this news carefully. In the new notification of Reserve Bank of India i.e. RBI, new updates have come regarding the agreements of safe deposit locker.

What is written in the notification?

In the RBI notification, customers were asked to renew the locker agreements by January 1, 2023. Banks are also sending SMS regarding this to their customers. Customers will have to produce evidence to prove eligibility for the locker system. But some customers have received SMS related to the agreement from the bank regarding the locker, while some customers say that they have not received any message at all.

How to update locker agreement

If you have not yet renewed the locker agreement, then contact the bank for this and get the agreement updated. Customers should use the locker at least once in a year. You can open the locker by following the protocol attached to the agreement.

What is locker agreement and how to do it?

Locker agreement is an agreement between the bank and the customer on a sealed document. A copy of this signed agreement is given to the customer. In this, the customer is told about his responsibilities and rights. The bank is responsible for the security of the locker. RBI’s notification says that it is the responsibility of the bank to take all necessary steps regarding the security of its campus so that the essential goods of the customer are safe.

The post Bank Locker Charges! Important things are kept in the bank locker, then do this work immediately, otherwise there will be huge loss first appeared on Rightsofemployees.com.