Bank Locker Rules: Many banks provide locker facilities. People keep their valuables, jewellery, and other items that require high levels of security in this locker. As a result, it is also known as a safe deposit box. However, using this locker comes with an annual fee from the bank. Despite the widespread misconception that anything can be stored in a bank locker, this is untrue. There are numerous items that you are not allowed to keep in the locker. Tell us about the Reserve Bank of India’s amended rules.
RBI’s Deadline and SBI’s Legal Usage Guidelines
Existing locker holders will also need to sign a revised locker agreement in accordance with the Reserve Bank of India‘s updated standards. The updated locker agreement’s deadline has been set by the Reserve Bank of India as December 31, 2023. The State Bank of India claims that only legal uses are permitted for bank lockers. It can be used to keep valuable items like documents and jewellery, but not money or cash.
What You Can’t Store in a Bank Locker, According to SBI
The State Bank of India website states that you are not permitted to store cash or other valuables in the locker. Aside from this, no bank locker is permitted to store items like guns, explosives, or drugs. The locker cannot be used to store any items that are deteriorating. Additionally, nothing illegal or prohibited by Indian law, including radioactive material, is allowed to be kept in a bank locker. The bank locker cannot be used to store any items that could endanger the bank or any of its clients.
What to Do When You Lose Your Bank Locker Key
A bank locker can only be opened with two keys. The customer has one key, and the bank manager has the other. The locker won’t open unless both keys are put in. What will happen if you lose the key to your bank locker, then? What are the regulations for bank lockers? Inform us. First and foremost, you must notify the bank if the bank locker key is misplaced. Also required is the filing of a FIR for key loss. In the event that your bank locker key is lost, one of two things may occur:
- The first is that a new key for your locker should be provided by the bank. The bank will create a duplicate key for this. Making a duplicate key for a locker does carry a small danger, though, in that the person who does it might later commit a sin.
- The second scenario is when you receive a second locker from the bank and the original locker is damaged. After the locker is broken, all of its contents are transferred to another locker, and the customer is handed the key to that locker. However, the consumer can be responsible for covering all costs, from breaking the locker to getting it fixed again. Try your best to keep the key very secure in this circumstance.
Secure and Controlled Access
The design of a bank locker ensures that a customer and a bank employee are present for each step of the process, from opening to closing. The bank manager always goes to the locker room with a customer when he wants to visit the bank and open his locker. Two keys are located in that locker. The customer has one key, while the bank has the other. The locker won’t open unless both keys are put in. The bank employee unlocks the locker, steps out of the room, and the customer has complete privacy to view, modify, or remove the things kept in the locker. Similar to when a bank locker is damaged, both the customer and the bank staff need to be present. It is required for all the members to be present if the locker is taken in a joint. If the client agrees in writing that the locker may be broken even when he is not present, the goods inside the locker may be moved to another locker even if the customer is not present.
Legal Procedures and Regulations for Locker Access and Rental Payments
The locker can be broken into if a person is accused of a crime and it seems that they have concealed something in there that might be connected to the crime. Police officers must be present in this instance in addition to bank employees. According to SBI, if a customer fails not pay the locker’s rent for three years, the bank may shatter the locker to recoup its loss. Even if a customer’s rent is still being paid and the locker is still inactive after seven years, the bank has the right to demolish the locker.
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