Changes in Bank Locker Rules: Rules related to bank locker have changed, these 5 things will be useful

RBI has made several changes in the rules related to keeping lockers in banks.Image Credit source: File Photo

Are you also a customer of State Bank of India (SBI)? So it is possible that you have received a message to sign a new agreement till June 30 to continue using the bank locker facility. If so, then there is no need to panic. Your problem will be solved by this news.

In fact, the Reserve Bank of India (RBI) has made several changes in the rules related to keeping lockers in banks. Due to this, banks are asking people to sign new agreements. Although its last date is not June 30 (as written in SBI’s message), but you have a lot of time for this.

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Keep 5 things in mind for bank locker

If you keep a bank locker, then you must know these new rules of RBI.

1. First of all, RBI had earlier set January 1, 2023 as the last date for signing new agreements for bank lockers. Now it has been increased to 31 December 2023. This process has to be completed in a phased manner.
2. RBI has set a target of getting 50 percent new agreements of bank lockers signed by June 30, 75 percent by September 30 and 100 percent by December 31, 2023.
3. These rules have come into force from January 1, 2022, for new bank locker customers. While the last date for signing new agreements has been extended to 31 December 2023 only for the old customers of the banks.
4. The new agreement for keeping the locker with the banks will now be signed on the stamp paper. Old customers do not have to bear its cost, rather banks will make it available free of cost.
5. RBI has made many changes regarding the new agreement. It safeguards the interests of the customers who keep the lockers.

See also: RBI made a big plan to keep your money safe

These changes were made in the rules related to bank locker

Following a February 2021 order of the Supreme Court, the central bank has made several changes in the rules related to lockers.

1. 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.
2. By the way, RBI rules say that now customers will be able to keep only jewellery, necessary documents and legally valid goods in the locker.
3. Bank locker will be available to the customers only for their personal use. These will be non-transferrable. That is, family members will not have the facility to access each other’s locker.
4. Arms, cash or foreign currency, drugs or medicines, contraband or any deadly poisonous goods cannot be kept in the bank locker.
5. The new rules will free the bank from many responsibilities. The Bank will not be responsible if the password or key of the Bank Locker is lost or misused.
6. However, the responsibility for the safety of the customer’s belongings will be that of the bank. If the bank is unable to do so, then it will have to pay compensation as per the rules related to it, which change from time to time.