New Bank Locker Rules by RBI

The RBI has introduced updated bank locker rules that require customers to renew their locker agreements. If you submitted your original agreement on or before December 31, 2023, then you must sign a new agreement and submit it to your bank.

To make this process easier, banks must provide necessary facilities like arranging stamp papers, franking, electronic execution, and e-stamping. They must also give you a copy of the newly signed agreement.

What You Can Store in Bank Lockers

According to the revised bank locker agreement, you are allowed to store the following valuable items:

• Jewellery
• Important documents (loan documents, property papers)
• Personal certificates (birth certificates, marriage certificates)
• Insurance policies
• Savings bonds
• Other confidential materials

What You Cannot Store in Bank Lockers

The revised guidelines strictly prohibit storing these items in bank lockers:

• Cash and currency
• Arms and weapons
• Drugs and narcotics
• Explosives and contraband materials
• Perishable goods
• Radioactive materials
• Hazardous or illegal substances
• Any items that could create a disturbance or nuisance

Remember, you can only use bank lockers for legitimate and lawful purposes.

When Are Banks Liable for Your Losses

Banks are liable for losses in:

• the bank’s own negligence or carelessness,
• The dishonest acts of bank employees,
• The bank’s negligence, or negligent commission.

Compensation Rules

When loss occurs due to the bank’s fault, the bank must compensate you with an amount equal to 100 times the annual locker rent. For example, if your annual locker rent is Rs 9,000, the bank’s liability would be up to Rs 900,000.

If damage or loss happens due to incidents like fire, theft, burglary, robbery, or dacoity caused by the bank’s negligence, then similarly, the bank must pay compensation equal to 100 times the current annual locker rent. For example, if the locker charge annually is Rs. 1,000, the bank must pay Rs. 100,000 to the customer as compensation because of the bank’s negligence.

Bank Locker Rules in Case of Death

Customers must register a nominee and a survivorship clause when they open a locker. Here’s how access is given after the death of a locker holder:

• If there’s a nominee, the nominee can access and remove the locker contents.
• Joint lockers with nominee—Nominees can operate and remove contents jointly as per the instructions.
• Survivorship Clause Lockers—Banks can adopt clauses like “either or survivor”, “anyone or survivor” etc. and allow accessible access after death.

This allows a seamless way to access locker documents without the threat of lawsuits.