A bank locker is a storage space where people deposit valuable articles and belongings, including important papers and ornaments. Banks use enhanced security features such as surveillance cameras, restricted access zones and alarms to eliminate the chances of any loss of the items stored.
The Reserve Bank of India has set a guideline, specifying details like what can be stored in the lockers or the bank’s liability in case of theft or misplacement of any items.
The RBI bank locker regulations also outlined the process for renewing bank locker agreements. Account holders whose agreements were filed on or before December 31, 2023, were required to sign a revised agreement and submit it to the relevant bank by the same date.
Who can open a bank locker and what are the basic requirements?
Some banks require customers to open a savings or current account to access other services including the locker facility.
Signing up for the locker facility requires individuals to submit personal identification and proof of address, including a PAN or Aadhaar card, and a recent photograph.
Signing the locker agreement: To set up a locker, the bank provides a document that outlines how the locker service will work. This agreement shall be legally binding and must be signed by both parties.
Allotment of a Locker: They range in size from small to large and can be either single-tiered or multi-tiered in design. Many factors go into the initial allocation and there may be a wait-listed policy in some cases. The customer receives a specific key number after allocation and the bank has its master key.
Payments: In most cases, banks demand a security amount which could be in the form of a fixed deposit or a cash amount. Moreover, the price of renting a locker depends on the branch location and the size of the locker to be rented.
Key Points:
Current bank lockers are quite safe. However, to be on the safer side, one should consider insuring their products since most banks provide a disclaimer stating that they are not liable for the loss of items.
Ensure to mention a nominee who can access the locker in case of the account holder’s death.
As per the new rule, in case of any loss faced by the user because of negligence on the part of the bank, the maximum liability of the bank will be 100 times the current locker rent annually, excluding any loss due to negligence of the bank arising out of natural calamities.
In the event of a natural disaster, including an earthquake, flood, lightning strike, thunderstorm, or any other act that is entirely the result of the customer’s negligence, the bank will not be held responsible for any damage to the locker or loss of its contents.
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