Ajit Karn
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Bank Locker New Rules: January 1, 2023 i.e. from tomorrow onwards new revised rules regarding bank locker are coming into force. RBI had announced new guidelines through notifications on 8 August 2021 and new rules have come into force from 1 January 2022. Bank locker holders have to renew their agreement by tomorrow. Locker holders will have to show eligibility for a new locker agreement and enter into an agreement for renewal before January 1, 2023. As per RBI rules, the agreement has to be drafted on stamp paper. A duplicate copy will be made with the signatures of both, which will be given to the customer hiring the locker. Whereas the original agreement will be kept at the branch of the bank.
According to the new rule, if there is any damage to the goods kept in the bank locker, then the bank will be responsible for it. Banks will ensure that no unfair terms or conditions are included in their locker agreements.
Will I have to open a fixed deposit? What does RBI have to say?
RBI has given an exemption to the banks regarding the locker rent that they can ask the customer to open a fixed (term) deposit to cover the rent of the locker. The RBI has said in a circular that banks may face a possible situation where the locker hirer is neither operating the locker nor paying the rent. To ensure early payment of locker rent, banks are permitted to take a fixed deposit at the time of locker allotment, which will cover three years’ rent and locker opening charges in case of any such eventuality.
However, banks will not insist on taking such Fixed Deposits from existing locker holders or holders with well operated lockers. Allotment of locker facility with more Fixed Deposits, other than this permission, will be seen as a restrictive practice.
RBI also has a rule that if the locker rent is taken earlier, in case the locker is surrendered by the customer, an equal amount of the advance collected will be refunded to the customer. Further, if there is any event like merger/closure/shifting of branch, which requires changing the original location of the lockers, the Bank shall give a public notice in this regard in two newspapers (including one local daily in the local language) and inform the customers Will be informed. In case of sudden transfers due to natural calamities or any other such emergency, banks will inform their customers as soon as possible.
To understand more on the new locker rules and why this rush to the bank branches before December 31, 2022 deadline, read our @moneycontrolcom personal finance story on the big money changes affective January 1, 2023https://t.co/6mgVSGBqLB
— Kayezad E Adajania (@kayezad) December 31, 2022
