Big news about the new bank locker rule! New bank locker regulations will take effect on January 1st; further information may be found here

 Big news about the new bank locker rule! New bank locker regulations will take effect on January 1st; further information may be found here

Big news about the new bank locker rule! New bank locker regulations will take effect on January 1st; further information may be found here

The Bank Locker New Rule states that 36% of customers have closed their bank lockers as a result of banks' ongoing pricing increases. A quarter said they would be moving to a smaller locker.

Bank Locker Fees: It's critical that you keep up with these developments if you have a locker at any bank. Because of growing KYC hurdles and rising locker fees, over half of bank locker users are considering terminating their accounts. Not only did a poll provide this information, but many individuals also chose to shut the lockers. A few clients want to shrink their lockers for this reason, according to the data from the continuing poll.

New regulations will take effect on January 1.

The study included around 11,000 participants. It was reported that 36% of bank locker customers have closed their lockers as a result of banks' ongoing bill increases. A quarter said they would be moving to a smaller locker. Four percent were thinking of shutting the locker at the same moment. On January 1, new guidelines for bank safe deposit boxes will be implemented. Banks call the client to the branch with the required KYC papers for the paperwork before to this.

It said that recent years have seen a rise in storage costs. Customers will need to sign a new locker agreement with their bank by December 31st, according to RBI. 56 percent of locker holders polled over the previous three years said they had either given up on their locker or were considering shutting it soon due to increases in prices. There are plans by several banks to switch to lower locker sizes.

Sign the contract by December 31st.

The RBI has just extended the deadline for signing the bank locker agreement till December 31, 2023. Previously, contracts were to be signed by clients by January 1, 2023. The new regulation requires banks and consumers to make it very explicit in the agreement exactly what kinds of things you are allowed to store in the locker. Banks are beginning to impose additional fees on customers who use their locker facilities to store valuables.