People use bank lockers to keep their valuables and important documents safe. Banks provide 24×7 CCTV surveillance, controlled access, alarm systems and other modern security measures to ensure enhanced security of customers. However, bank lockers can only be used for legitimate and prescribed purposes. The Reserve Bank of India has revised some rules related to bank lockers and issued new guidelines. As per these rules, locker customers will have to abide by the revised locker agreement and its terms and conditions.
What can and cannot you keep?
According to the Reserve Bank, bank lockers cannot be used for any illegal or unlawful purpose. Keeping dangerous, prohibited or illegal items in the lockers can lead to strict action. Let’s take a look at what you can and cannot keep.
Items that can be kept in a bank locker:
- Jewellery
- Loan-related documents
- Property documents
- Birth certificate
- Marriage certificate
- Insurance policy
- Savings certificate
- Other confidential and valuable documents
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Items that cannot be kept in a bank locker:
- Cash and currency
- Arms and ammunition
- Drugs
- Explosives and contraband
- Perishable or radioactive items
- Dangerous or illegal substances
Furthermore, no item can be kept in a locker that may cause inconvenience or loss to the bank or other customers. These RBI regulations have been implemented to ensure customer safety and maintain transparency in the banking system. Locker holders are advised to follow the guidelines issued by the bank and renew their locker agreement on time.
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What happens if the locker rent is not paid for three consecutive years?
If a customer fails to pay the rent of his bank locker for three consecutive years, the bank has the right to break open the locker. As per the guidelines of the Reserve Bank of India, the bank can open the locker by following the established procedure in such situations. However, legally, the process of opening this locker must be strictly regulated and transparent. A detailed inventory of all the items removed from the bank locker is to be maintained. Later, while handing over the locker items to the customer, it is mandatory to obtain the written consent of the customer for the inventory to avoid any disputes in the future. The Reserve Bank has clarified that the objective of all the steps taken regarding locker operations is to protect the interests of the customers and maintain transparency in the banking system. Banks must strictly follow the established rules and procedures in such matters.
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