Nowadays people take the facility of bank locker, in which they keep their jewelry and important documents so that they remain safe. Only those people who have savings or current account get the facility of locker. However, the rent of the locker depends on its size and bank branch. Let us tell you about bank locker. Also, let us know about the rent and documents.
What is a bank locker?
A bank locker is a type of deposit box, which people can rent from the bank and keep their valuables, jewellery and documents.
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How much will the rent and deposit amount be?
The rent of the locker depends on its size andthe branch. For example, in rural branches, the rent of a small locker can be Rs 1,000 initially. Whereas in metro cities, the rent of a big locker can be more than Rs 10,000.
Who will get the locker?
A locker is available to those people who have a savings account or a current account, because the locker is linked to the account.
Insurance
The things are kept in the bank locker. The bank only protects the area of the locker. The bank does not take responsibility for the things kept inside the locker unless there is any negligence. However, some banks, in collaboration with third-party insurance companies,s provide insurance for the things kept in the locker.
Use of the locker
You will be able to use the locker only when it is a working day for the bank. Whenever you go to the branch, its record is kept through the bank journal or biometric. You can also take the locker together. Both people can use the locker together as per their convenience.
What happens after death?
After the death of the locker, after submitting some necessary documents, the things in the locker are transferred to the nominee.
What are the rules of the RBI?
Some rules were made by the RBI regarding lockers in 2021, in which the use of a standard agreement form is necessary, and the locker holder has to see the locker at least once in 5 years.
If the locker is inactive
If the locker is not used for 5 years, the bank can open the locker after giving notice and take further action.
What will be the responsibility of the?e bank
If the things in the locker are damaged due to the negligence of the bank, then the bank will be held responsible. Otherwise, the responsibility of any loss lies with the customer.