On Friday, August 9, 2024, Minister of State for Finance Pankaj Chaudhary introduced the Banking Laws Amendment Act 2024 in the Lok Sabha, in which this provision has been made.

According to the proposal of Section 45ZE of the Banking Regulation Act of 1949, if one or more persons have hired a locker from a banking company which is located in a safe deposit vault or somewhere else, then one or more persons can together nominate one or more than four persons. So that in case of the death of the person who hired the locker or all the persons, the banking company can give access to the bank locker to the nominated person and they should have the right to take away the things present in the locker.

According to the provision of the bill, more than one person can be nominated in turn, but only one nominee will be effective at a time. The name of the first nominee will remain valid only as long as he is alive. The nomination of the second nominee will come into existence only after the death of the first nominee.

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After that, the nominee whose name is there will be considered the nominee after the death of all the previous nominees. That is, it will be applicable in the order in which the nominee’s name is given. In cases where the order of nomination is not given, the nomination will be valid in the order in which the names are written.

There is also a provision in this bill that bank account holders can make more than one and maximum four persons as nominees. According to the provisions of the bill, account holders will not be able to declare the names of more than 4 nominees. The account holder will have to declare the proportion of the deposit amount that he will receive in front of the name of each nominee.

The name of the nominee will have to be given for the entire amount deposited in the account. Increasing the number of nominees will help in dealing with the problem of unclaimed deposits in banks and the amount deposited in the account can be given to the right nominee.

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If you are a customer of State Bank of India, the country’s government bank and have taken a bank locker in this bank, then the bank has issued a notice for you. There has been an amendment in the rules regarding bank lockers, which banks have to implement by 30 September. In such a situation, SBI has asked the customers to update their bank locker agreement. Lockerholders will have to show eligibility for a new locker agreement and enter into an agreement for renewal.

In a tweet recently, SBI told its customers that “the bank has issued revised / supplementary locker agreement incorporating the rights of customers. Customers availing locker facility with SBI are requested to contact their locker branch.” Get in touch and make changes as per the revised/supplementary agreement.”

RBI has issued a guideline

The Central Reserve Bank has given a timeline to banks for issuing amendments to the bank locker agreement. Banks had to give this information by April 30 and have been asked to implement the rule of locker agreement up to 50 percent by June 30 and 75 percent by September 30. Banks will also have to give this information on the efficient supervisory portal. RBI has implemented these rules to give more security to the customers in the bank locker rules, so it is important that they renew their agreement as soon as possible for their benefit.

What are the new bank locker rules?

Whenever the customer accesses his locker, the bank will send its alert through e-mail and SMS.
– Banks will compensate you under certain circumstances, if- If the contents of the locker are damaged due to the negligence of the bank, incidents like fire, theft/robbery, building collapse, in which the bank is at fault, or the bank has You have shied away from the responsibility of the goods.
– If you suffer losses due to fraud on the part of the bank’s employees, the bank will compensate you up to 100 times the annual rent of the locker.
Banks will continue to accept fixed deposits to recover locker rent. To ensure prompt payment of locker rent, banks are permitted to obtain a fixed deposit at the time of allotment, which will cover three years’ rent and locker opening charges in case of any such eventuality.

What are the locker charges of SBI? (SBI Locker Charges)

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Yes, State Bank of India has taken steps to change the rules of its locker. According to the information, the new rules of bank locker will be made effective after 30 June 2023. If you have a locker in SBI, then you must contact your branch without delay.

SBI tweeted

Yes, want to sign this new agreement. State Bank of India has made a tweet appealing to the customers who have taken the locker to sign the new agreement, in which the bank has said, “Dear customer, please visit your branch for settlement of the revised locker agreement. If you have already Even if you have already signed the updated agreement, you need to sign the supplementary agreement.”

Knowing the new rule of the locker will jump with joy, according to the new bank locker agreement, if there is a loss in the locker, the bank will compensate its customers. For this, a new agreement will have to be signed. RBI has already said in this regard that the customers who will sign this new agreement immediately, they will start getting many benefits from the same time.

Please tell that till now there was no such provision. After signing the new agreement, the bank will indemnify the locker for theft, burglary, robbery, negligence of the bank or any other incident on the part of its employees. This compensation will be up to 100 times the annual rent of the locker.

Customers taking lockers should contact their bank immediately

RBI has also appealed to the customers to sign a new agreement with their banks as per the circular issued on January 23, 2023. Keep this in mind that the new locker agreement has been prepared on the instructions of RBI. In such a situation, apart from SBI, those who have other bank lockers will also have to sign this agreement.

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