Many of us use bank lockers to secure valuables like jewelry and crucial documents. You should know the updated regulations if you own a bank locker or plan to do so soon. The banks have also received instructions for this from the Reserve Bank of India (RBI).
According to the RBI, banks now need to renew their agreements with their clients to rent lockers. The new regulations will create this contract, specifically stating what kind of products clients can store in their lockers and what types they cannot.
Only these things are allowed to be kept in the locker.
According to the bank locker rules, customers would only be permitted to store legally valid items, such as jewelry and vital documents. What types of products are authorized to be preserved and what is not will be explained in full to the customer in the contract with the bank.
In addition, only customers will be permitted to use the bank's lockers for personal purposes. These won't be assignable. The Indian Banks Association will create a sample contract. Based on this, banks will create the contracts they will execute with their clients.
Bank will bear the price of stamp paper.
The bank will cover the cost of the stamp paper for the contract renewal of the bank's current locker customers. However, other clients will be required to cover the contract's stamp paper cost to take the bank locker.
Ban on goods.
Many people keep illegal items in their bank lockers. It can occasionally be hazardous. The goods that clients are not permitted to retain in their lockers have now been made plain by RBI.
The central bank has stated that clients can no longer store cash or foreign currency in their lockers. In addition, keeping firearms, drugs, medicines, contraband, and any harmful or deadly items would also be prohibited.
Banks will get relief from these responsibilities.
The contract between the bank and the client will be signed with this. The bank will be relieved of several duties as a result. For instance, the bank won't be held liable for improper or unlawful use of the bank locker's password or key. Only the consumer will be responsible for it.
Additionally, the client will be allowed to keep his items in the locker. The bank must safeguard this information, and if it does not, it may be required to compensate the consumer by applicable laws.