There is a big relief news for the customers having bank lockers. Reserve Bank of India (RBI) has issued new rules regarding bank lockers. RBI has issued new rules fixing the accountability of banks in case of theft or fraud, which every customer should know. To get a locker in any bank, one has to first apply. If the locker is not available in the bank branch, then it is put on the waiting list and when any locker is empty, that locker is given to him. Although the bank gives the locker on the first basis.
Documents required for locker:
- Valid identity card (Aadhaar card / PAN card)
- Address proof
- Passport size photo
- Minimum bank balance
What happens if something goes missing from the locker?
According to RBI rules, if something goes missing from the locker due to theft or fraud, the liability of the bank is limited to 100 times the annual rent of the locker. For example, if your locker rent is Rs 2,000, the bank can be forced to pay a maximum compensation of Rs 2,00,000. But in case of damage caused due to natural calamities (earthquake, flood, etc.) banks will not be liable.
Bank locker rent
- SBI Rs 2,000 Rs 12,000
- HDFC Bank Rs 3,000 Rs 20,000
ICICI Bank Rs 1,200 Rs 5,000 - PNB Rs 1,250 Rs 10,000
- Canara Bank Rs 2,000 Rs 10,000
After the Supreme Court verdict, accountability for security in bank lockers has been fixed. But still it is advisable not to keep too many valuables in the locker, especially if the locker price is 100 times more than the rent. Keep the locker keys safe. Keep the agreement made with the bank with you. Check the locker from time to time. Keeping cash in the locker is not allowed. The items kept in the locker are not insured, if you want you can get it insured at a personal level.
We have taken all measures to ensure that the information provided in this article and on our social media platform is credible, verified and sourced from other Big media Houses. For any feedback or complaint, reach out to us at businessleaguein@gmail.com
