What Are the New Bank Locker Opening Rules in India, 2023?
Bank lockers are commonly used by almost all the citizens of India, to store their very confidential data or very valuable items. There are a lot of benefits to having a bank locker.
Their valuables are kept under tight security in a safe or locker. Locker rules keep getting updated depending on what is decided to be best for the citizens to ensure greater safety and transparency of the valuables of the citizens. It ensures that there is no chance of fraud involved in the process.
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Know the New Bank Locker Rules in India- Before You Go for It |
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1. Which Bank Locker is the Most Trusted in India?
2. Which is the Safest Bank Locker in the World?
3. Why Should You Open a Bank Locker Today?
How To Open A Bank Locker in India?
New Bank Locker rules were brought into effect from the 1st of January. It was instructed to all the banks by the RBI to get the agreement for the new locker rules signed by their customers within the 31st of December so that they are aware of the new bank locker rules that are applicable from 2023. If you are among the people who have rented a bank locker or plan to do so in the future, you need to know about the updated rules about the same.
RBI guidelines to open a bank locker was laid out through a notification on 8th of August , 2021. When the locker is provided to the customer the bank for sure has to enter into an agreement that is duly stamped. Here are the bank locker opening rules in India.
1.Notification Through SMS or Email
The customers have to register their mobile number and email addresses while renting a locker. Then they will be able to access any information related to their lockers. The notification that they are going to receive is going to be about the usage of their lockers. The message should include the date and the time of the access and also the procedure to deal with any unauthorised access of their lockers. The purpose of these notifications is to alert the customers about the access to their safe.
2. Compensations by Bank in Certain Situations
Are you worried about what is going to happen if your valuables in the safe are stolen due to theft, robbery ? Then you need to know about this new rule to keep your mind at ease. In such cases the bank is totally held responsible for our losses. This is one of the new bank locker rules. If the valuables are destroyed due to fire, collapse of building, or fraud this rule still applies. The bank is accountable and needs to pay you 100 times the annual rent for a safe deposit box at a time.
3.Security
Obviously, the bank lockers need to be protected in a very secure environment with constant cctv monitoring. It is mandatory for the bank authorities to keep 180 days of CCTV footage minimum in case any serious cases occur. SBI, ICICI, PNB , Axis Bank have one of the most secure lockers which is one of the safest bank lockers in India. If you're thinking of renting a bank locker definitely it would be best to choose among these banks.
4. Standards of Lockers
The new mechanical lockers need to meet the safety standards set by the BIS. RBI mandated security framework should be adhered to by the electronically operated locker systems of the banks.
5.Rent of Locker
You need to pay the locker rent in order to store your valuables in a tight security environment. Your Term Deposits can also be used by the locker to pay the locker rental fees. This fee is a must to pay and the bank has the right to hold you accountable or enter your locker if you don't pay your rent. They are totally free to use the term deposits to make up for the losses that they have suffered due to your not paying the rent.
6. Nomination Facilities
The Nomination Facilities are also allowed to be provided to the bank. In order to guarantee the locker content's security, they are free to create their own claim types and bank locker agreement formats.
Here were some of the new rules that are active now since 2023. With the reference of these new rules you now don't have to worry about how to open a bank locker in India.