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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Cash transaction charge

For savings accounts, customers can avail 5 free cash transactions per month or deposit or withdraw up to Rs 5 lakh in cash, whichever is earlier. After this, a charge of Rs 4 will be levied for every Rs 1,000 or part thereof, with a minimum charge of Rs 100 per transaction.

Penalty for not maintaining Average Monthly Balance (AMB)

Club, Delight, all NRI and resident savings scheme account holders will be required to maintain an AMB of Rs 5,000.

General customers will be charged Rs 75 for a reduction of up to 20% and a maximum of Rs 375 for a reduction of 100%.

This charge on senior citizens will be between Rs 60 and Rs 300.

For all accounts in rural branches, the charges will be slightly lower — general customers will pay Rs 60 – Rs 300, and senior citizens will pay Rs 50 – Rs 250.

ATM transaction charges

Transactions beyond the free limit at other bank ATMs will be charged Rs 23 for financial transactions and Rs 12 for non-financial transactions (like balance enquiry).

• A charge of Rs 25 per transaction will be levied for rejected transactions due to low balance.
• No charges will be levied at Federal Bank ATMs.
• Inward cheque return charges
• 400 rupees per time for rural areas and senior citizens,
• For other customers, a charge of Rs 500 per time has been fixed.

Locker Rent

Rural and Semi-Urban Branches

Small locker: Annual rent of Rs 2,000

Medium: Fare Rs 3,300

Big: Fare Rs 5,500

Urban and Metro branches

Small locker: Rent Rs 2,950 to Rs 5,000

Medium: Rs 3,950 to Rs 6,800

Big: Fares range from Rs 7,400 to Rs 12,800

Account closure charges

100 rupees if closed within 6 months

If closed between 6-12 months: Rs 100 for rural or senior citizen accounts, Rs 300 for other accounts. Also, there will be no charge if the account is closed within 14 days of the first deposit.

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In today’s time, everyone keeps their deposits in the bank only. Not only for depositing deposits, but we also like to keep our expensive jewelry, house-shop and all the important documents in the bank itself. People keep things safely in the bank locker, but do not break it for a long time. If you have also kept your belongings in the bank locker, but have not broken it, then this is news of your work.

Even in this situation your locker can be inactive.

If the bank locker has not been opened for a long time, then you must check once whether the locker has been de-activated. Recently, in the new guidelines issued by RBI regarding bank locker, some amendments have been made in the old locker rules. It has been said in this that if the locker is not broken for a long time, then it gets closed automatically, even if you are paying the rent regularly. In this, guidelines have also been given regarding the deactivated bank locker.

Locker will be closed in this time

According to RBI, if someone has not opened the bank locker within 7 years, then such locker will be deactivated. In such a situation, the bank will first wait for the claim of that customer. If he does not claim but pays the regular rent, then the locker will be dismantled by the bank itself.

The rule of breaking the deactivated locker

will be first transferred by the bank to the nominee or legal heir of the locker as per RBI guidelines. In case the nominee is not traceable, the bank will first inform the bank locker-hirer. Along with this, an alert message will be sent to the email and mobile number. If the letter sent by the bank is returned or the person is not traceable, then the bank has to inform in the daily newspaper.

Bank issues information

This information article is given in English and another in the local language. Any person who is interested in the same has to respond to the bank. If even then no one claims, then the locker is broken by the bank.

Locker breaking process Video recording of the whole process is done in the presence of two witnesses after

the bank official breaks the locker and takes out the goods. If there is a smart vault, then the vault administrator uses the password to break the locker. After opening the locker, it is handed over to the senior officer.

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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.

The post Bank issued New Locker Rules: RBI issued new rule regarding keeping money in bank locker, know otherwise… first appeared on Rightsofemployees.com.

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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