Bank Locker New Rule: According to RBI regulations, you are not allowed to retain certain items in a bank locker. Learn more here

 Bank Locker New Rule: According to RBI regulations, you are not allowed to retain certain items in a bank locker. Learn more here

The New Bank Locker Rule states that, against popular belief, nothing can be stored in a bank locker. Numerous items are not permitted to be kept in the locker. Tell us about the Reserve Bank of India's updated regulations.

Many banks offer locker facilities. People store jewelry, vital papers, and other items that need a high level of protection in this locker. It is also known as a safe deposit locker as a result. You must pay an annual fee to the bank, nevertheless, in order to use this locker. While everyone thinks that anything can be stored in a bank locker, this is untrue. Numerous items are not permitted to be kept in the locker. Tell us about the Reserve Bank of India's updated regulations.

In a bank locker, what may you keep?

The current locker holders will also need to sign a new locker agreement in accordance with the Reserve Bank of India's amended rules. The new locker agreement's deadline of December 31, 2023, has been set by the Reserve Bank of India. The State Bank of India states that only authorized uses are permitted for bank lockers. It is suitable for storing valuables like papers and jewelry, but not for holding cash or money.

What items cannot be stored in a bank locker?

Firstly, as stated on the State Bank of India website, there is no room for cash or other currencies in the locker. Aside from this, no bank locker may be used to store items like bombs, guns, or narcotics. It is also not permitted to store any decaying items in the locker. Furthermore, nothing that is prohibited by Indian law, including radioactive material, unlawful items, or anything else, may be stored in a bank locker. Such materials might endanger the bank or any of its clients, hence they cannot be stored in the bank locker.

A pair of keys unlocks a bank locker.

To unlock a bank locker, two keys are required. The consumer has one key, while the bank manager has the other. The locker won't open if neither of the keys is in. What would happen if you misplace the key to your bank locker is the issue at hand. What guidelines apply to bank lockers? Inform us.

First and foremost, you must notify the bank if you misplace the bank locker key. Additionally, a missing-keys police report (FIR) has to be filed. There are two possible outcomes in the event that you misplace the key to your bank locker:

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 carries the danger that the individual doing so could conduct something improper down the road.

The second scenario is receiving a second locker from the bank and discovering that the previous one is broken. Once the locker has been broken into, all of its contents will be moved to another locker, and the client will get its key. Nevertheless, the cost of damaging the locker and having it fixed again could fall entirely on the consumer. Try to keep the key very secure in such a circumstance.

How is a broken locker made?

The way bank lockers are arranged ensures that a bank official and a client are present at all times, from opening to closing. The bank manager always goes to the locker room with a client when he wants to visit the bank and opens his locker. The locker there has two keys in it. The consumer has one key, while the bank has the other. The locker won't open if neither of the keys is in. The bank employee exits the room after the locker is opened, allowing the client to privately view, alter, or remove the contents stored within.

In a similar vein, both the client and the bank employee must be present when a bank locker breaks. It is required that every member be present in the joint if the locker is carried there. If the client certifies in writing that the locker may be broken even when he is not there, the products within may be moved to another locker and the locker may be smashed even without the client.

When is the bank allowed to break the actual locker?

A person's locker may be broken into if they are facing criminal charges and it seems like they may have concealed material relevant to the crime in there. But in this case, police officers are also required in addition to bank representatives.

SBI claims that the bank has the right to break the locker in order to recoup the rent from the tenant if the rent is not paid for three years. The bank may destroy a customer's locker if it is left unattended for seven years and no one can be located, even if the rent is still being paid.