Alert for bank locker holders! RBI's new rules applied to bank locker
Bank Locker - If you are also keeping a locker in the bank, then be alert now, because the RBI i.e. the Reserve Bank of India has made a big change in the rules related to the bank locker. Under the new rule, if you do not sign a new agreement within the stipulated time, then your locker can be sealed. Yes, this is absolutely correct and millions of locker holders can now get into this trouble if they did not deal with the necessary work as soon as possible.
The RBI had already made it clear that it is necessary to sign the updated locker agreement to all bank locker holders across the country. This rule has come into force especially to customers who have taken a locker before January 2023.
Why this new rule was brought?
In fact, in August 2021, RBI changed the rules related to bank locker. Its purpose was to provide better security to customers and make lockers' services more transparent. There were many flaws in the old rules, such as - in the event of theft or loss, the customer did not get proper compensation. At the same time, the responsibility of the bank was also not clear.
Now under the new rules, there will be a new agreement between the locker holders and the bank, in which every condition will be written in which situation the bank will be responsible and not in which not.
Which customers are under this rule?
- Those who have taken a bank locker before January 2023.
- Those who have joint lockers.
- Those who have added a nominee to the locker or want to add now.
- Customers who are changing the branch or renewing the locker.
- All these must go to the bank and sign a new locker agreement.
How long will this work have to be done?
The RBI had earlier given time till January 2023 for this. Then it was increased to December 2023 and then to March 2024. But now there are millions of customers who have not signed a new agreement. Therefore, banks have demanded the RBI and the government that the deadline should be increased by December 2025, so that all customers can easily complete this process.
What will be the new agreement?
This agreement includes some important things:
- If the bank suffers from fire, theft or any natural disaster in the locker, it will not be completely responsible.
- Locker fare, conditions of use, and complaint process will be clearly written in it.
- All the information will be explained to the customers from the bank.
- This agreement will be signed on non-jurdicist stamp paper.
- Relief to NRI and elderly customers
There are some relief provisions for those who live abroad or are senior citizens and cannot reach the branch. Some banks are allowing them to complete the process through digital options or a nominated person.
How to check if you have signed a new agreement or not?
If you do not remember whether you have signed this new agreement or not, then the easiest way is to go to your bank branch and find out. The position of your locker will be seen in the branch and if the agreement is not signed, then you can do this work there.
If you have not added a nominee yet, then do it too. This can prevent legal troubles in future.