bank news: Bank locker is the best way to keep your belongings safe, but what if your belongings get damaged in the bank locker itself, something like this happened with them. Termites ate Rs 18 lakh kept in the locker.
People keep valuable things, especially jewellery, in bank lockers, because the things kept there remain safe. But are bank lockers really safe? Because many such incidents have come to light in recent times, after which everyone should know, what guarantee does the bank take on the things kept in the bank locker?
Before telling you the rules of bank locker, let us tell you some incidents. This week, termites ate notes worth Rs 18 lakh kept in the locker of Bank of Baroda in Moradabad, Uttar Pradesh. After this the female customer complained about this to the branch manager. Account holder Alka Pathak says that she did not know this before, nor had she read anywhere that money cannot be kept in the locker. Therefore, he had kept Rs 18 lakh along with jewelery in the bank locker. Now the bank is saying that the matter is being investigated.
These are just examples…
Another case related to bank locker has come to light from Ambala, Haryana, where thieves reached the locker of a co-operative bank and ran away with the jewelery and other valuables kept in 32 bank lockers. A full estimate of the loss is yet to be made. Because people keep various types of valuable things in the locker. Actually, these incidents happened just this week. But such news keeps coming.
But here it is important to know, will the bank compensate the termites who ate the money kept in the bank locker? Or in a bank in Ambala, a thief broke into 32 lockers and ran away with the things kept in them, is the bank responsible for this and will the customer get back the entire loss? Today we will try to give you answers to all such questions. What are the new guidelines of RBI regarding bank locker and what can you keep in the bank locker.
The Reserve Bank had issued a circular in August 2022 and issued new rules related to safe deposit lockers. Under this rule, banks had to revise the agreements with the existing locker holders by January 1, 2023. These rules were to be applicable to the old locker holders. These rules are applicable to new customers from January 2022 only. RBI has extended the deadline for banks to renew agreements with existing locker customers till December 31, 2023. Now under the new rule things are kept in the bank locker.
What is the new rule? (Bank Locker 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 rent for lockers 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 responsibilities
According to the amended 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 loss. Because many times it is seen that banks shirk their responsibilities citing the terms of the agreement.
According to 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 at the Bank’s premises due to its own 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 clearly 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 jewellery, 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.
To some extent, now customers are going to get relief from the new rules of RBI. Banks will be responsible for loss due to locker. But the Bank will not take any responsibility in case of damage or loss of locker contents due to natural calamities like earthquake, flood, 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.
What cannot be kept in a bank locker?
Weapons, cash or foreign currency or medicines or any deadly poisonous item cannot be kept in a bank locker. If you keep cash in the locker, it will be against the rules and the bank will not be responsible for any loss. Will not pay a single rupee compensation. The Bank will not be responsible if the password or key of the bank locker is lost or misused.
Bank lockers are not for keeping cash, that is, keeping money here is against the rules of RBI. Bank lockers are operated by a master key which is with the banker, who first opens the locker on the appeal of the customer, and leaves from there, then the customer keeps his things. Which is not necessary to be shown to the bank employee. But the customer should know the rules as to what cannot be kept in the locker, so that there is no problem in future.
Change in rent regarding locker:
According to the new rules, the new agreement for keeping the locker with the banks will now be signed on stamp paper. Besides, the locker rent has also been changed. This can range from Rs 1350 to Rs 20000 per month. In metro cities, people will have to pay Rs 1350 for extra small locker, Rs 2200 for small, Rs 4000 for medium, Rs 4400 for extra medium, Rs 10000 for large and Rs 20000 for extra large.
Apart from single, you can also apply for joint locker in the bank . For this, both the people will have to come to the bank and sign the Joint Memorandum. Under the rules, the bank can also ask customers applying for a locker to open a savings account.
What are the bank locker rules regarding nominee?
If the locker holder has made someone a nominee for his locker, then after his death that nominee has the right to open the locker and take out its belongings. Banks give this access to the nominee after complete verification.
It is worth noting that in the old locker agreement, there was no recovery for the customers in case the items went missing from the locker or the things available inside the locker were destroyed in case of any emergency. But now under the new rules of RBI, there is a provision for compensation to the customers with conditions.
