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Bank Locker New Rules: RBI has made changes in many major rules related to banks. Under this, there have been changes in the rules of bank locker which will have a direct impact on you. People keep their jewelery and other valuables in bank lockers, so that these expensive items remain safe. In fact, our homes are more prone to theft or loss than banks. But now this special facility of yours may be eclipsed. According to RBI rules, if you do not open the locker for a long period then the bank can break your locker.
RBI changed major rules
According to the rules, the bank will be completely responsible in case of fire, theft, robbery or burglary in the locker and in these circumstances the bank will have to pay 100 times the annual rent of the locker to the customer. At the same time, if the locker gets damaged due to natural calamities like earthquake, flood, then the bank will not be responsible for such loss.
New guidelines for banks
The Reserve Bank of India (RBI) has issued revised guidelines regarding safe deposit lockers. In this new guideline, banks have been allowed to open the locker, if the locker has not been opened for a long time. Even if the rent is being paid regularly.
RBI amended
Keeping in view various developments in the field of banking and technology, nature of consumer complaints and feedback received from banks and Indian Banks’ Association, the Reserve Bank of India has recently amended its guidelines regarding safe deposit lockers and non-performing banks. New instructions have also been given to banks regarding lockers.
Bank locker can be broken
The revised RBI guidelines state that if the locker remains inactive for a period of 7 years and the locker-tenant cannot be traced despite regular rent being paid, the bank will be liable for breaking the locker and taking away the contents of the locker. Will be free to transfer the goods to his nominee/legal heir or dispose of the goods in a transparent manner. But at the same time, protecting the public interest, the central bank has also issued detailed instructions which should be followed before breaking into any locker.
Bank will alert the locker-tenant
As per RBI guidelines, the Bank will inform the locker-hire through letter and send email and SMS alerts on the registered email ID and mobile phone number. If the letter is returned undelivered or the addressee is not known to the locker hirer, the Bank will issue a public notice in two newspapers (one in English and the other in the local language) in which the locker hirer or those interested in the contents of the locker Any other person will be given reasonable time to reply.
Locker Opening Guidelines
The central bank guidelines further state that the locker should be opened in the presence of a bank official and two independent witnesses and the entire process should be video recorded. RBI further said that after opening the locker, the contents therein will be kept in a tamper-proof manner in a fireproof safe along with the detailed inventory in a sealed envelope until claimed by the customer.