What is a bank locker?

A bank locker is a safe deposit box, which you can rent from a bank and keep your valuables like jewelry, documents, etc.

Rent and Deposit

The annual rent of a locker depends on its size and the location of the branch. The rent for a small locker can start from ₹ 1,000 in a rural branch, while the rent for a large locker can be more than ₹ 10,000 in a metropolitan city. In addition, a fixed deposit is usually required as security.

You must have an account

to get a locker. You usually need to have a savings or current account with a bank. The locker is linked to your account.

Insurance for items in lockers:

Items kept in a bank locker are not automatically insured. The bank is only responsible for the security of the locker area, not the contents inside the locker.

Insurance Options

Some banks now offer insurance options for locker contents in collaboration with third party insurance companies. If you are keeping gold or other valuables, it would be wise to take out insurance.

Record of Locker Visits

The locker can be used only during the working hours of the bank. The bank keeps a record of every visit through a journal or biometrics. Apart from this, the locker can also be taken jointly and a nominee can also be appointed. Both the joint holders can use the locker as per their convenience.

Post-death process

After the death of the locker holder, the contents of the locker are transferred to the nominee person upon submission of the required documents.

In the new RBI rules

2021, RBI has made new rules for lockers, in which the use of a standard agreement form is mandatory and the locker holder is required to visit the locker at least once in 5 years. If the locker is not used for 5 years, the bank can open the locker by giving notice and take further action.

Bank Liability

If the contents of the locker get damaged due to the bank’s negligence, only the bank will be liable. Otherwise, the responsibility for the damage lies with the customer. Now if you have valuables that you cannot keep safe at home, a bank locker is a good option. But take the decision after considering the rent, limited access and insurance requirements.

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As soon as we hear about keeping our valuables safe, we think of a bank locker. Just like you get peace of mind by depositing your money in the bank, you can also be tension free by keeping your jewellery, important documents and other valuables in a bank locker. Banks provide this special facility to their customers so that your belongings remain completely safe. But if you are also thinking of getting a bank locker, then first know about its rules, charges and security thoroughly.

A bank locker is a kind of safe deposit box in which you can keep your valuables safe. Be it gold or silver jewellery, property papers, will or any other important thing, you can keep them in the locker. These lockers are kept in the bank’s secure vault, which is specially made to protect against theft, fire and natural disasters. For this you have to pay rent to the bank, which is charged annually.

How much is the locker rent?

The rent of a bank locker depends on the size of the locker and the location of the bank branch. If you take a bank locker in a village or small town, the annual rent of a small size locker can start from Rs 1000. On the other hand, if you take a big locker in a metro city like Delhi, Mumbai or Bangalore, you may have to pay up to Rs 10,000 every year. Apart from this, GST is also levied on the rent, which adds to the total cost. Some banks also ask for a security deposit for the locker, which is returned on surrendering the locker, provided there is no outstanding amount.

There are some important conditions to get a locker. First of all, you must have a savings or current account in that bank. This account is linked to your locker so that the bank can get a record of your identity and transactions. Some banks also want your account to be active for at least 6 months and have a good balance. If you are a new customer, some banks may put a condition of opening a fixed deposit (FD), which acts as security for the locker rent.

How safe are your things?

The biggest feature of a bank locker is its security. These lockers are kept in the bank’s high-security vault, which is monitored 24/7 by CCTV cameras, burglar alarms and security guards. Two keys are required to open the locker – one with you and the other with the bank. Some banks also use biometric verification. These vaults are designed to protect against natural disasters like fire, water and earthquake. But note, if the items kept in the locker get damaged due to some reason and there is no negligence of the bank, then the bank will not be responsible for it. In such a situation, you can get your valuables insured, so that you can get compensation in case of any loss.

RBI Terms and Conditions

The Reserve Bank of India (RBI) has made some rules to make the locker facility more transparent. According to the rules in 2021, all banks have to use a standard locker agreement form. The rights and responsibilities of you and the bank are clearly written in this agreement. Also, you are required to visit your locker at least once in 5 years. If you do not use the locker for a long time, the bank can give you a notice. If the rent remains unpaid for 3 years, the bank can break the locker and recover its dues by selling the goods.

You can keep things like jewelry, important documents, small collectibles, wills, bonds, share certificates and family heirlooms in the locker. But some things are prohibited to be kept in the locker, such as cash, weapons, drugs, explosive materials, perishable items and any illegal items. If you keep cash, it is against RBI rules and you will not even get compensation in case of loss.

How to use the locker?

The locker can only be used during the bank’s working hours. Whenever you go to open the locker, the bank checks your identity and records your visit. Some banks offer 12 free visits in a year, after which they may charge Rs 100 + GST for each visit. Both your key and the bank’s guard key are required to open the locker. If you lose the key, the bank may charge you the cost of making a new key or breaking the locker.

According to RBI rules, if the contents of the locker are damaged due to theft, fire or fraud by a bank employee, the bank will pay only 100 times the annual rent. That is, if your locker rent is Rs 5000, then you will get a maximum compensation of Rs 5 lakh. But if you have kept gold or diamonds worth lakhs, then this amount will be much less. Therefore, it is wise to get private insurance for your belongings.

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According to the rules of the Reserve Bank of India, if the items kept in the locker are damaged due to the negligence or lapse in security of the bank, then the bank will have to compensate for the loss. Banks are responsible for incidents like fire, theft, robbery or building collapse. Yes, if the items kept in the locker are destroyed due to natural disasters like flood or earthquake, then the bank will not be responsible and will not compensate the customer for the loss. But, if the bank has not made the prescribed arrangements to protect against natural disasters, then it may have to compensate the customer.

How much compensation will be received?

It is also important to know here that if the item kept in the locker is lost or destroyed, the bank does not pay the full value of that item to the customer. The compensation is only up to 100 times the annual rent. For example, if the annual rent of the locker is ₹ 1000, then the maximum compensation can be up to ₹ 1 lakh only.

What to do if items are stolen or tampered with in the locker?

• First of all, file an FIR in the nearest police station.
• Immediately submit a written complaint to the bank and take its receipt.
• Ask the bank for CCTV footage of the locker room.
• If the bank’s response is not satisfactory, a complaint can be made to the Banking Ombudsman of RBI.

Are the things kept in the locker insured?

No, the items kept in a bank locker are not insured by the bank. If the customer wants, he can get the jewellery or valuables insured from insurance companies. Such insurance also has the facility that if the insured item is kept in the locker and is stolen or damaged, the insurance company gives compensation.

Agreement is made on stop paper

RBI had issued revised rules for Safe Deposit Locker in August 2022, which have come into effect on old locker holders from January 2023 and on new customers from January 2022. Under these rules, it is now mandatory for banks to enter into a locker agreement with customers on a new stamp paper. Banks can charge rent for a maximum of three years at a time. The bank has to make public the information about vacant lockers and waiting lists.

Two people can take a joint locker together

If the customer wants, he can also take a joint locker. For this, both the customers have to come to the bank and sign a joint memorandum. A nominee can also be made for the locker. If the locker holder dies and he has made someone a nominee, then after complete verification, the bank allows that person to open the locker and take out the items. You cannot keep whatever you want in the locker. RBI has also made a list of what can be kept in the locker and what cannot.

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Many people rent bank lockers to keep their precious jewellery, important documents and personal belongings safe. Customers can also take a joint locker if they wish. For this, both the customers have to come to the bank and sign a joint memorandum. A nominee can also be made for the locker.

If the locker holder dies and he has made someone a nominee, then after complete verification, the bank allows that person to open the locker and take out the items. You cannot keep whatever you want in the locker. RBI has also made a list of what can be kept in the locker and what cannot. As far as cash is concerned, banks do not allow keeping cash in the locker.

You can keep jewellery, property documents, loan documents, birth or marriage certificate, documents like insurance policy and other legally valid items in the locker. According to RBI guidelines, keeping cash and currency in the locker is prohibited. Apart from this, you cannot keep weapons, ammunition, drugs, explosives, contraband material, perishable or radioactive items and any such thing in the locker which may cause trouble for the bank or customers.

Agreement is done on stamp paper

RBI had issued revised rules for Safe Deposit Locker in August 2022, which have been implemented on old locker holders from January 2023 and on new customers from January 2022. Under these rules, it is now mandatory for banks to enter into a locker agreement with customers on a new stamp paper. Banks can charge rent for a maximum of three years at a time. The bank has to make public the information about vacant lockers and waiting list.

Will the bank compensate for the loss?

According to the rules of the Reserve Bank of India, if the items kept in the locker are damaged due to the negligence or security lapse of the bank, then the bank will have to compensate for the loss. Banks are responsible for incidents like fire, theft, robbery or building collapse.

Yes, if the items kept in the locker are destroyed due to natural disasters like flood or earthquake, then the bank will not be responsible. It is also important to know here that if the item kept in the locker is lost or destroyed, the bank does not pay the full value of that item to the customer. Compensation is given only up to 100 times the annual rent. For example, if the annual rent of the locker is ₹ 1000, then the maximum compensation can be up to ₹ 1 lakh only.

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However, there are some cases in which the bank is not responsible for the items kept in your locker and in such a situation, if your money disappears, you may have to suffer a huge loss. Even though this may be shocking for you, but it is true. Actually, in some cases, the bank does not take responsibility for your locker, so if you are also going to keep your valuables in the bank’s locker, then it is very important to know the rules related to the locker facility.

What happens if there is a theft or robbery?

Suppose you have kept your valuables in a bank locker and if it gets stolen or there is a robbery in the bank, what will happen? Actually, if any such incident happens in the locker, the bank itself contacts the customers. Customers are given a form and affidavit. In these, customers have to fill the details of the items kept in their locker, after which the bank investigates and gives compensation. That is, the bank compensates 100 times the customer’s service charge. If someone has paid a service charge of Rs 10,000, then the bank will give him compensation up to Rs 10 lakh.

What happens in case of a fire?

What will happen if a fire breaks out in the bank and the things kept in your bank locker get burnt in it? Actually, in such cases also the bank is responsible and it is considered as negligence of the bank. As per the rule, banks give 100 times compensation to the customers even in this situation.

When do I not get my money back?

Now you must be wondering what are the cases in which the bank is not responsible for the items kept in the locker. Actually, if the bank suffers a loss due to natural disasters, then the bank does not give you any compensation for the items kept in the locker. For example, in case of an earthquake, lightning strike or flood, the bank or your locker does not give any compensation.

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First of all, an important thing like bank locker keys should be kept very carefully, but if it is lost then there is no need to worry too much. Banks provide clear rules and solutions for this situation.

What to do first if you lose your bank locker keys?

If you have lost the key to your bank locker, first of all inform your bank immediately. You can inform the bank by visiting the bank branch or contact them via phone. It is important to give this information to the bank so that the locker can be protected from any possible misuse.

Banks prefer to take information about lost keys in writing. You will have to submit a written complaint containing the locker number, branch name and other necessary details. Along with this, an FIR (losing person report) will also have to be lodged at the police station and a copy of the same will have to be given to the bank.

Locker opening procedure

In case of loss of keys, banks take the help of experts (locker manufacturing companies) to get a new key made or to open the locker. In this, the locker is safely broken and a new key is issued. This process happens in front of you so that transparency is maintained.

Who will bear the expense of breaking the locker?

After losing the locker key, the customer has to bear the cost of making it again or breaking the locker. This cost depends on the bank’s policy and the condition of the locker. The key of the bank locker is the responsibility of the customer. While signing the bank locker agreement, it is made clear that if the key is lost, the entire responsibility will be on the customer. Therefore, always keep in mind to keep the key in a safe place and do not unnecessarily share it with others.

keep these things in mind

• Keep the key of the bank locker in a place where there is no risk of losing it.
• Keep a key ring with the keys so that they can be easily identified.
• Do not share any locker related information with others.

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Keeping these valuables at home is sometimes risky. Therefore, people consider it safe to keep them in bank lockers. But is a bank locker really safe? If you also keep things in a bank locker, then first know the rules. Does the bank take guarantee of the things kept in the bank locker?

Many people think that they can keep anything in the bank. But according to the rules of the Reserve Bank of India (RBI), some things are prohibited in it. According to the Reserve Bank, a bank locker can be used only for legitimate purposes. Valuables like jewellery and documents can be kept in it. These things of yours remain completely safe in the locker.

These are the new rules for bank lockers

Under the new rules, it is very important for banks to show the list of vacant lockers and the waiting list. Apart from this, banks have the right to take a maximum of three years’ rent from customers at a time for the locker. The special thing is that now banks cannot back out citing conditions in case of loss to a customer. Rather, the customer has to be compensated in full. Banks have to ensure that the locker agreement made by them does not include any unfair condition. Due to which the bank turns away from the customers in case of loss. It has been seen many times that banks turn away from customers by citing their conditions.

Bank locker opens with two keys

Two keys are required to open a bank locker. One key is with the customer. The other key is with the bank manager. Unless both the keys are used, the locker will not open.

What cannot be kept in a bank locker?

First of all, you cannot keep cash or currency in your locker. Apart from this, things like weapons, explosives, drugs cannot be kept in any bank locker. If there is any perishable thing, then that also cannot be kept in the locker. Any such material cannot be kept in the bank locker, which can pose a threat to the bank or any of its customers.

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Many people think that they can keep anything in the bank, but according to the rules of the Reserve Bank of India, some things are prohibited in it. Let us know what are the revised rules of the Reserve Bank of India.

What can be kept in a bank locker?

According to the Reserve Bank of India, a bank locker can be used only for legitimate purposes. Valuables like jewellery and documents can be stored in it. These things of yours remain completely safe in the locker.

What things are prohibited to be kept in a bank locker

• According to the website of State Bank of India, first of all you cannot keep cash or currency in the locker. 
• Apart from this, things like weapons, explosives, drugs etc. cannot be kept in any bank locker. 
• If there is any perishable item then it also cannot be kept in the locker. 
• Any radioactive material or any illegal thing or any thing which is prohibited as per Indian law also cannot be kept in a bank locker. 
• No such material can be kept in the bank locker which may pose a threat to the bank or any of its customers.

Bank locker opens with two keys

Two keys are required to open a bank locker. One key is with the customer and the other with the bank manager. Unless both keys are used, the locker will not open. Now the question is what will happen if you lose the key of the bank locker? What are the rules regarding bank locker? Let’s know.

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That means, those who have a locker in the bank, they have to go to the bank and submit the new locker agreement by December 31, 2022. If you do not renew your bank locker agreement, your bank locker will be seized.

How to renew bank locker agreement?

To renew the bank locker agreement, you will first have to go to your bank branch. After this you will have to apply to the bank to renew the bank locker agreement. After this, stamp paper and e-stamping etc. will be provided by the bank. After renewing the bank locker agreement, a copy of it will also be given to you by the bank.

Benefits of renewing bank locker agreement

Locker Security: The biggest advantage of renewing a bank locker agreement is that the bank will then become responsible for the security of your belongings, so that there is no loss to your belongings in case of theft, fire, robbery, fraud and bank building collapse. .

No locker seizure: One of the biggest advantages of renewing bank locker agreement is that your locker will not be seized. You will be able to easily put and take out your luggage in the locker.

Compensation: After renewing the bank locker agreement, if there is any damage to your belongings and it is the bank’s fault, then you will also get compensation for the same. The Bank is not liable for any damage or loss of contents of the locker due to natural calamities or acts of God, such as floods.

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Most banks in the country provide locker facilities to customers to keep their valuables. In return, banks charge customers a fare which varies from bank to bank. Many times it is seen that due to some reason the goods kept in the bank locker go missing. How much compensation will customers get if this happens? Let us know what are the rules regarding this.

How much compensation is given for theft from bank locker?

The bank is responsible for the proper functioning of the locker and its complete security. In such a situation, if there is any loss to your locker due to the negligence of the bank, the bank will be responsible for it and you will be given appropriate compensation.

At the same time, if your belongings go missing from a bank locker due to theft, robbery or building collapse, then as per the rules, the bank will give you 100 times the amount of locker rent as compensation. For example, if the rent for your lock is Rs 3,000, then if items go missing from the bank locker due to theft, robbery or building collapse, you will be given Rs 3,00,000 as compensation.

According to the information given on the SBI website, it is the responsibility of the branch to ensure that no incident of theft, robbery and building collapse takes place in the bank premises. At the same time, if the goods go missing from the locker present in the bank premises due to the above mentioned reasons or fraud committed by the employee, then the bank will give compensation of 100 times the amount of locker rent to the customer.

What happens when the locker is inactive?

If a customer has taken the locker on rent and the rent is being paid on time, but has not opened the locker for more than seven years. In such a situation the bank will consider the locker inactive. Then the nominee and legal heir will be called and the contents of the locker will be transferred in a transparent manner.

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how to open bank locker

There are 2 keys (Bank Locker Keys) to open the bank locker. One key is kept by the bank and the other key is given to the customer. To open a bank locker, the bank first puts its key in the locker and the customer puts his key in the locker. The bank locker opens only when both the keys are inserted. The locker cannot be opened without both the keys. It has been observed many times that the customer loses his key. What will you do in this case? What do you need to do with your key?

Police will have to complain about losing the key first.

Most of all keep expensive gold diamond jewelery or documents in bank locker. That’s why if you lose the key, first you have to complain to the police. For example, if you lose your SIM card, first you have to file a complaint with the police. Similarly, on losing the key of the bank locker, a complaint has to be made in the bank.

Information to be given to the bank

According to HDFC Bank, customers will have to apply with the locker key, number, police FIR copy and application to retrieve the locker key. The bank will charge for giving you the new key. After this the bank will tell you when and where to get the key. You will have to visit the bank branch to collect the new key. Many times customers have complained that duplicate keys are prone to confusion.

Customers also have this option

If the customer wishes, he can first break the locker and shift all the goods to another bank locker, but the customer will have to bear the entire cost of this. For breaking the locker and changing the key, a fee of Rs 1,000 and GST will have to be paid. Getting a new one is expensive if the key is lost, so it is important that you take care of your bank locker keys.

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The customers who have hired the locker have to pay the annual rent to the bank. The locker rent varies according to its size and branch location in the centre. But, what to do if the SBI locker becomes inoperative and how much penalty has to be paid? SBI has clarified the guideline regarding this.

Banks provide locker facility to the customers for keeping valuables, documents, jewelry etc. Certain rules and fees regarding locker use are decided by the bank, which are recorded in the agreement. To help the locker hirer understand their rights and obligations, each bank provides a copy of the Locker Agreement, signed by both the parties ie the customer and the bank.

According to the SBI bank, it charges Rs.500 plus GST for small and medium lockers and Rs.1000 plus GST for large and extra large lockers. Banks always recommend that you use your locker regularly or at least once in a year to avoid the situation of locker being inoperative. The location of the locker is subject to change depending on the Bank’s policies.

When does SBI Locker become inactive?

For example in SBI if a locker is lying idle for seven years and the hirer is not found, even if the rent is being paid on time, the bank is free to transfer the contents of the locker to the nominees or legal heirs of the hirer .

How much will the bank pay for locker theft or negligence?

Banks will be liable to pay to the customer an amount equal to 100 times the current annual rent in case of theft or negligence in the Safety Deposit Box ie Bank Locker. According to the SBI website, the bank branches will take responsibility to ensure that incidents like fire, theft, dacoity, building collapse do not take place in the bank premises due to their own lapses, negligence. In cases where the contents of the locker are lost or due to fraud committed by its employees, the banks’ liability will be equal to hundred times the amount.

Note that the Bank will not be responsible for any loss or damage to the contents of the Locker due to fault or negligence on the part of the customer.

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Do you also keep your money, important documents or jewelery in the bank locker. If yes, then this news can be of your use. Often people keep their essential things and money in bank lockers for fear of theft or loss. They feel that their belongings will be safe in the locker. But, sometimes even the stuff kept in the locker goes missing or gets damaged.

In such a situation, banks refuse to take responsibility for it. If you are also thinking of taking a locker, then before that you should know the locker rule of RBI.

RBI has made some rules for lockers. These rules have been made keeping in mind the safety of the goods of the customers and their convenience. Let us know what are the rules of RBI for bank locker…

This is the rule of RBI

RBI has changed the rules of bank locker this year. According to the new rule, if a person keeps goods in the locker of the bank and it gets damaged, then it will be the responsibility of the bank. The bank will be bound to pay 100 times the annual rent of the locker to the customer. On the other hand, if the customer’s locker is damaged due to fire, robbery or in any way, the bank will compensate it.

How can I get a locker in the bank?

If you want to take a locker in the bank, then you will have to first go to the branch where you want to open your locker, then you will have to apply there. Locker is allotted to you on first come first serve basis. If your name comes in the waiting list of the bank after giving the application, then you are given a locker. For this you are also charged some rent annually.

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According to the Punjab National Bank Locker Agreement Policy, while providing a locker to any customer, the bank enters into an agreement with that customer. Under this Agreement, a copy of the Locker Agreement signed by both the parties on a paper duly stamped is given to the Locker Hirer to know 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.

If you have already submitted a revised Bank Locker Agreement on or before December 31, 2022, it is likely that you will have to re-sign and submit the revised locker agreement. This is because the Reserve Bank of India (RBI) has asked banks to ensure that the deposit locker agreements are based on the revised model agreement of the Indian Banks’ Association (IBA).

Releasing the circular, RBI said that many banks had not mentioned the compensation policy or liability of banks in certain cases like fire, theft or burglary in the newly amended bank locker agreement. RBI’s notification dated 18 August 2021 states that wherever the customer suffers loss due to the negligence of the banks, the banks are liable to pay compensation 100 times the prevailing annual locker rent. However, banks are not liable to pay compensation due to natural calamities or acts of God like earthquakes or floods.

Mukesh Chand, Senior Advocate, Economic Law Practice, said that with regard to the new agreement to the customers who already have a locker agreement following the RBI guidelines of August 2021, the RBI has clarified that the bank has no right to issue new agreements or modify the earlier agreements. There is an option to modify. He said that the customers will have to approach their bank branch and complete the formalities as per the revised agreement.

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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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According to this, the locker agreement between customers and banks was to be renewed by January 1, 2023. But now the last date for renewal of locker agreement between customers and banks has been extended by RBI. Now customers can get the work related to renewal done by 31 December 2023.

Now this work will be done till December 31.

This time limit was extended by RBI because it was noticed that till January 1, 2023, which was the time limit for renewal of the agreement, a large number of customers did not sign the amended agreement. Now banks have been instructed by RBI to complete the process by December 31, 2023.

This is how the work will have to be done : Banks have been asked by RBI to complete 50 percent work by June 30, 2023 and 75 percent by September 30, 2023. In a statement issued by the RBI, it was said that banks have been informed to make necessary arrangements to facilitate the execution of revised contracts by ensuring availability of stamp paper etc.

In addition, in cases where operations in lockers have been prohibited for non-execution of the agreement by January 1, 2023, the same will be closed with immediate effect, the circular said.

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Many people use the locker facility provided by banks to keep their valuables like jewellery, property papers, FD documents etc. safe. For this, banks charge an annual charge or rent. The Reserve Bank of India had issued new guidelines related to the last Khal Bank Locker. This has changed some rules.

Now it will be easier for the customer to handle the locker and the responsibility of the bank will increase. Along with this, in case of any recall, it will be easier for the bank as well. Now banks also have to keep in mind that they cannot add any unreasonable condition or rule in the locker agreement. Also cannot keep difficult conditions. Overall, now the safety management of the locker, rent and verification will have to be done. Explain that usually the bank provides three types of lockers to the people such as small, medium and large.

Now the agreement will have to be renewed

If you have not made the agreement till now, then you can know about it by going to the bank and by filling a new form, you can make a new agreement on the duty stamp paper. Both the parties will have to keep its copy with them.

Banks can take term deposits

Now, according to the new rule, banks can take term deposits only at the time of giving new lockers. It can cover rent for three years. Also, the charge for breaking the locker for any reason, but banks cannot compel old customers to take term deposits or those who are already running the account satisfactorily.

If there is shifting of locker

If the branch of the bank is merged with another branch or is closed or has to be shifted, in which the location of the physical locker has to be changed, then the bank will have to publish a notice in at least two newspapers. The customer will have to inform about this two months in advance so that he can decide to continue, discontinue the locker facility etc. If the locker rent has already been taken, the refund will have to be given to the customer.

Make a nominee Often we make the mistake of not making anyone a nominee in a bank locker, but do not do this, make your locker a joint name or make someone a nominee. Many such cases come to the fore when after some untoward incident happens with the owner of the locker, later the family members have to face many difficulties in accessing that locker or their account.

Locker will break only after 2 years

If a locker is not in use, the time limit for legally breaking the locker has been made 2 years because many times the customers neither pay the rent to the bank nor use the locker. Here, if the locker rent continues to come but the customer who has taken the locker does not come to operate it for a long time, then he can give his goods to the legal heir or nominee, but this will be done in a transit way.

Banks will have to increase the safety of lockers

Banks will have to make adequate arrangements for the security of the locker. Bank will be liable up to 100 times the rent of the bank locker in case of fire, theft, robbery, robbery or building collapse due to negligence or neglect of the bank. However, in the case of sky lightning, flood, earthquake etc. which are not in the work of the bank and which are called act and ass, the bank will not be responsible for them. RBI has clearly said in the notification that banks will have to increase the security in their campus.

Will get notification

Customer will get SMS and Email notification every time the locker is used. This will reduce the worry of locker in their mind. If your email and phone number is not updated in the bank, then definitely get it done. The Bank is responsible for the security measures in case the locker is operated through electronic system. If the customer forgets the password, the bank will provide a new password. If the locker key is lost, inform the bank immediately.

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In fact, with the beginning of the new year on January 1, 2023, the Reserve Bank has changed the rules related to lockers. After the implementation of this rule, banks will not be able to do arbitrariness with the customers regarding the locker.

If there is a lot of damage to the goods kept in the locker, then the responsibility of the bank will now be fixed. Apart from this, now customers will have to sign an agreement with the bank. Through this, customers will have to inform the bank about the change in locker rules through SMS and other means. So let’s know everything about it…

How can I get the locker?

You will have to give an application to the branch where you want to open the locker. Locker facility is provided on first come first serve basis. If your name is on the waiting list, you will be eligible once a user has left the locker. For this, it is also necessary to have a minimum amount in the bank account and annual rent is charged from the account.

How much is the charge?

Depending on the size and location of the locker, its annual charges are also fixed. It can be different in all banks. The charge of bank locker in SBI ranges from 2 thousand to 12 thousand. PNB charges from 1250 to 10 thousand rupees for bank locker. This charge in Canara Bank ranges from 2 thousand to 10 thousand. In HDFC, this charge ranges from 3 thousand to 20 thousand. In ICICI Bank, this charge starts from Rs 1200 and goes up to Rs 5000.

Under what conditions does the bank give compensation?

As per the new norms of RBI, if there is any damage to the contents kept in the locker due to the negligence of the bank, then the bank will have to pay for it. It is the responsibility of the banks to take all steps for the security of the premises in which the safe deposit vaults are kept. If the loss is due to fraud committed by the bank’s employees, the bank’s liability will be up to 100 times the annual rent of the locker.

Agreement will have to be done for renewal

Before January 1, 2023, locker holders will have to show eligibility for new locker agreement and will have to enter into an agreement for renewal. ‘As per RBI guidelines, the new locker agreement is to be executed before 31 December 2022.’

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A similar rule is also related to bank locker. If you use bank locker, then know that RBI has changed the rules of bank locker. Many banks are sending SMS to alert the customers. In a message sent to customers by Punjab National Bank, it has been said that the new locker agreement is being implemented as per the guidelines of RBI. Along with this, updates are also being taken from the customers regarding non-agreement. Instead of giving this update on SMS or email, you can go to the bank and get a new agreement done.

New locker agreement from 1 January 2023

If you have rented a bank locker or are planning to use a bank locker, then you should be aware of this new rule of bank locker. RBI had issued a guideline regarding this on 8th August itself. According to this, if any item of the customer gets damaged then it will be the responsibility of the banks. Along with this, the customers will have to sign the bank locker agreement by December 31. Along with this, customers will have to be informed about the change in locker rules through SMS and other means.

Bank will have to pay compensation

Under the new rule, if there is any loss, then this responsibility will be directly of the bank and it will have to pay compensation. If the loss is due to the fraud of the bank employee, then 100 times the rent of the locker will have to be paid to the bank. However, if the locker is affected by natural calamity or otherwise, the bank will not be responsible for compensation.

Nominee will get facility

If due to some reason the person taking the facility of locker dies, then according to the new agreement, the facility of locker will be given to the nominee. If he wants to keep this locker forward then he will have to contact the bank and if he wants to remove it then he will be the claimant.

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From the first day of the new year, new rules are being implemented regarding the bank locker. If you also keep or are planning to keep goods in the bank locker, then there is important news for you. According to RBI rules, from January 1, 2023, there is going to be a change in the rules related to the Reserve Bank Locker, which will have a direct impact on the customers. Bank customers will get a big benefit from this rule.

Locker rules will change from January 1

According to this rule, if there is any damage to the goods kept in the locker, then the bank will have to compensate for it. Not only this, customers will have to sign an agreement till December 31, in which all the information about the locker will be given. With this, bank customers will always be updated about their essential items.

Locker agreement will be necessary

Before the new year i.e. January 1, 2023, the locker owners will have to get an agreement made, and for this it is necessary for them to be eligible. Messages are also being sent by the banks to the customers to get the locker agreement done. Punjab National Bank (PNB) is also sending an alert to its customers, in which it is written, ‘As per RBI guidelines, the new locker agreement has to be executed before 31 December 2022.’

In these circumstances, the bank will give compensation

According to the new rules of RBI, now the customers will get a big benefit. Actually, if the salmon kept in the locker is damaged due to the negligence of the bank, then the bank will have to pay. Means now according to the new rule, the responsibility of the bank has increased. Not only this, the bank will also compensate for the loss caused due to fraud by the employees of the bank. Under this, the liability of the bank will be up to 100 times the annual rent of the locker.

When will not get compensation

Now the question is under what circumstances the customers will not get compensation. According to the new rule, if there is any damage to the contents kept in the locker due to natural calamities like lightning, earthquake, flood, storm etc., due to customer’s fault or negligence, the bank will be responsible for it.

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NPS partial withdrawal

After easing the Corona epidemic, PFRDA issued a new order regarding this, according to which customers of all government sector customers (Central, State and Central Autonomous Bodies) will now have to submit their application for partial withdrawal (NPS Partial Withdrawal) to their nodal officer. Must be deposited with Explain that in January 2021, the pension regulator PFRDA had allowed NPS subscribers to submit online applications for partial withdrawals with the help of self-declaration.

New Bank Locker rules

A new guideline related to bank locker has been issued by the Reserve Bank of India (RBI). The new rules will come into effect from January 1, 2023. Under this, banks will no longer be able to do arbitrariness with customers on the issue of lockers.

According to the new rule, if there is any damage to the goods kept in the bank locker, then the bank will be responsible for it. For this, an agreement will be signed between the bank and the customer, which will be valid till December 31. Banks will have to give all the information to the customers through SMS and other means about the change in the rules related to the locker.

Changes in Credit Card Rules

From January 1, 2023, there is a change in the reward points received on payment through credit card. From the beginning of the new year, HDFC Bank will change the reward points received on payment from its credit card. In such a situation, customers have been advised to pay all the remaining reward points in their credit cards before December 31, 2022. Because from January 1, 2023, under the new rules, the facilities of reward points will be given.

Changes in CNG-PNG Price

With the change in the prices of petrol and diesel from January 1 in the new year, there may also be a change in the prices of CNG and PNG gas used in the kitchen of homes. During the last one year, there has been an increase of more than 70 percent in the prices of CNG in the national capital and its surrounding areas. On the other hand, since August 2021, 10 hikes have been recorded in PNG rates.

GST related rules will change

There will also be important changes in the rules related to GST e-invoicing and electronic bill. The government has reduced the threshold limit for GST e-invoicing from Rs 20 crore to Rs 5 crore. In such a situation, it will now be necessary for traders whose turnover is five crore rupees or more to generate electronic bills.

AADHAAR AND PAN CARD LINK

The IT department has issued an advisory saying that the PAN (Permanent Account Number) which is not linked to Aadhaar by the end of March next year will be deactivated. This change will be applicable from the first date of April instead of January.

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If you also use Bank Locker or are planning to get a bank locker, then this is useful news for you. Actually, from January 1, 2023, the rules of bank locker are going to change. The Reserve Bank of India (RBI) has said that all major banks have been asked to issue locker agreements to their holders before January 1, 2023. As per RBI’s revised rules, banks will ensure that their locker agreements do not contain any unfair terms or conditions. The bank will also renew the agreement with its existing locker customers. The new locker rules will come into effect from January 1, 2023.

Banks will give information about new rules through SMS

After the implementation of the new rules, banks will not be able to do arbitrariness with the customers regarding lockers. If there is any damage to the goods kept in the bank locker, the responsibility of the bank will now be fixed. The bank will have to sign the agreement by December 31. Customers will have to inform the bank about the change in locker rules through SMS.

Bank will compensate for the loss

According to the new rules of RBI, if the things kept in the locker are damaged due to the negligence of the bank, then the bank will pay for it. It is the responsibility of the banks to take necessary steps for the security of the area or branch. Bank will compensate up to 100 times of the annual rent of the locker if the loss is due to fraud by the Bank’s employee.

Compensation will not be available in these circumstances

The bank will not give compensation in case of natural calamities like earthquake, flood, lightning, storm etc. The Bank will not be responsible for any loss due to customer’s fault or negligence. RBI said that all banks will have to issue new locker rules, so that the interest of the customers is protected. Banks can prepare model locker agreement as per the draft rules of IBA. These are made as per the guidelines of the Supreme Court.

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According to the notification issued by the Reserve Bank entitled to get the customer compensation , the Reserve Bank (RBI) has changed the rules on the complaint of customers taking locker in the bank. Often there are complaints of theft in bank lockers from the customers side. But now if anything is stolen from the locker, the customer will be compensated up to 100 times the locker rent from the bank concerned.

The waiting list number will have to be put on the display, in fact, it has been seen many times that banks used to ignore the incident of theft. Used to tell the customer that he is not responsible in any way. In the order given by RBI, it was said that banks will have to put the list of empty lockers, waiting list number for the locker on the display. This will bring more transparency in the locker system. RBI believes that the customer cannot be kept in the dark on behalf of the bank.

You will be able to take rent for maximum 3 years at a time, whenever you access the locker, it will be alerted to you through e-mail and SMS through the bank. RBI has made this rule to protect against any kind of fraud. Banks have the right to take the locker rent for a maximum period of three years at a time. If the locker rent is Rs 2000, then the bank cannot charge you more than Rs 6000, excluding other maintenance charges.

It is also necessary to monitor the people coming and going in the locker room through CCTV cameras. Apart from this, 180 days of CCTV footage will have to be kept safe. The police will be able to investigate with the help of CCTV footage in case of theft or any other mishap.

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