Big News! Reserve Bank of India Changed Bank Locker Rules, Check Details;

The Rules of the Bank Locker: The new calendar year has begun. There have been revisions to a number of major bank rules. There have been changes that will directly affect you, ranging from ATM withdrawal rules to bank locker requirements. People store their jewelry and other valuables in bank lockers to ensure that they are safe. Our homes, in fact, are more vulnerable to theft or loss than banks. However, your unique capability may now be surpassed. Banks can break your locker if you do not open it for a long period of time, according to RBI guidelines.

RBI changed big rules

According to the guidelines, in the event of a fire, theft, robbery, or burglary in the locker, the bank will be entirely liable, and in such cases, the bank will be required to reimburse the client 100 times the annual locker rent. At the same time, if the locker is damaged as a result of natural disasters such as earthquakes or floods, the bank will not be liable for the loss.

New guidelines for banks

The Reserve Bank of India (RBI) has updated its safe deposit locker guidelines. Banks are now authorized to open lockers if they haven’t been unlocked in a long time, according to the new guidelines. Even if the rent is paid on a regular basis.

RBI amended

RBI has changed its recommendations for safe deposit lockers, taking into account significant advancements in the world of banking and technology, the nature of customer complaints, and feedback received from banks and the Indian Banks’ Association. In the case of inoperative bank lockers, the law was revised and fresh instructions were given to institutions.

Locker can break the bank

The bank will be free to dismantle the locker and transfer the contents to its nominee/legal heir or dispose of the things in a transparent manner, according to the modified RBI guidelines. Even if the locker-tenant has been dormant for 7 years and pays the rent on time, it cannot be identified. However, in order to protect the public interest, the central bank gave explicit guidelines that must be followed before any locker is broken.

Bank will alert the locker taker

According to RBI norms, the bank will send a letter to the locker-hirer as well as email and SMS alerts to the registered email address and mobile phone number. If the letter is returned undeliverable or the taker cannot be located, the bank must offer the locker hirer or any other person interested in the contents of the locker a reasonable amount of time to react. Will send out public notices in the form of letters (one in English and the other in local language).

Locker Opening Guidelines

According to the central bank’s instructions, the locker should be opened in front of a bank representative and two independent witnesses, and the entire process should be videotaped. The contents of the locker will be maintained in a sealed envelope with complete inventory inside a fireproof safe in a tamper-proof manner until claimed by the customer, according to RBI.

Source: Economic Times