RBI has implemented new rules regarding bank lockers from January 2022. Now all banks will have to follow this rule equally. If there is a fire or theft in the bank, the bank will be liable to pay damages up to 100 times your annual fee.
new Delhi. The Reserve Bank of India (RBI) has implemented new rules related to bank lockers in view of the interests of customers. If you keep money, jewelry, jewelery or important documents in the locker of banks, then it is very important for you to know these rules.
Under this rule, implemented from January 2022, the Reserve Bank has fixed the limit of damages to the customers in case of arson, theft, building collapse or fraud by bank employees. Now in such circumstances, the customer will be given compensation up to 100 times the annual fee paid for the facility of bank locker. This means that if the bank charges you Rs 5,000 locker fee annually, then you will be given maximum damages of 5,00,000 lakhs.
Accountability fixed on the order of the Supreme Court
After an order of the Supreme Court, RBI has fixed the accountability of banks regarding bank lockers. The new rules will apply to both safe deposit lockers and safe custody with banks. In February 2021, the Supreme Court had directed the RBI to implement a uniform rule for all banks regarding locker management within 6 months.
Bank will make new agreement from next year
Banks have also started implementing new rules regarding their lockers. From January 1, 2023, banks will start a new agreement with the locker holders. Banks will enforce the Draft Locker Agreement by the Indian Banks Association (IBA).
All government and private banks provide locker facility to their customers, for which they also charge an annual fee.
Customers must make a list of valuables
You should make a list of your valuables kept in the safe. If you remove something from it or add new stuff, then you should be fully aware of it. If you do not know about your belongings, you will not be able to claim damages in an emergency. You will be able to find it easily even if any item is missing.
If this is not done then the bank will break the locker
Locker owners must open their lockers at least once in a year. If the locker is closed for many years, the bank can break your locker by following the prescribed procedure. However, before doing so, a notice has to be sent to the bank. Also, if the locker is closed for many years, you will also have to inform the bank about it.
