Things will remain safe in the bank locker, there is danger in keeping them at home. With this thinking in mind, people keep valuable things, especially jewelry, in bank lockers. But is a bank locker safe? If you also keep goods in a bank locker, then first know the rules. Does the bank guarantee the things kept in the bank locker?
What will happen if the things kept in the bank are stolen? Recently, such incidents had come to light that termites had eaten money kept in bank lockers, will the bank compensate for the same? Let us know what are the new guidelines of RBI regarding bank locker and what you can keep in the bank locker.
The Reserve Bank issued new rules regarding Safe Deposit Locker in August 2022. Under this rule, banks had to revise the agreements with the existing locker holders by January 1, 2023. These rules were to apply to the old locker holders. These rules apply to new customers from January 2022 only.
What is the new rule?
Under the new rules, banks will be required to show the list of empty lockers and the waiting list. Apart from this, banks will have the right to charge locker rent from customers for a maximum of three years at one time. The most important thing is that in case of any loss to a customer, the bank will no longer be able to back out citing conditions, rather the customer will be fully compensated.
Banks will not be able to escape from responsibilities
According to the revised rules of RBI, banks will have to ensure that there are no unfair conditions included in the locker agreement made by them so that the bank can easily walk away if the customer suffers a loss. Many times it is seen that banks shirk their responsibilities citing the terms of the agreement.
According to the RBI Rule, the bank will be eligible to make payment in case of any loss of goods kept in the locker due to the negligence of the bank. It is the responsibility of banks to take all steps for the security of the premises in which the lockers are housed. It is the responsibility of the Bank to ensure that the loss does not occur due to fire, theft/robbery, building collapse, etc. on the Bank's premises due to its shortcomings, negligence, and any omission/commission.
What can be kept in a bank locker?
According to the new rules of bank locker, the bank and the customers will have to mention in the new agreement what kind of goods can be kept there and what kind cannot. According to the rules of the Reserve Bank of India, customers will be able to keep only jewelry, important documents, and legally valid items in the bank locker. Only the customer will get access to the bank locker, that is, family members or anyone else will not have the facility to open the locker.
According to RBI rules, banks will be responsible for the loss due to the locker. But the bank will not take any responsibility in case of damage or loss of locker contents due to natural calamities like earthquakes, or floods, i.e. the customer will have to bear the entire loss.
However, in case of fire, theft, robbery, building collapse, etc., if the locker customer suffers any financial loss then the bank will bear it because the bank can prevent such accidents. But there is a condition regarding compensation here also. The responsibility of the banks will be only up to 100 times the annual rent of the locker, hence you should avoid keeping items worth more than 100 times the annual rent in the locker.
For example, if the annual rent of a locker is Rs 1000, then if the items kept in the locker go missing, the customer will get 100 times the rent i.e. only Rs 1 lakh as compensation.
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