Bank Locker: Big news for bank locker users! Go to the bank and do this work immediately, otherwise the bank locker will be sealed

Bank Locker: If you use a bank locker, go to your bank immediately. The Reserve Bank of India (RBI) has implemented new rules related to bank lockers. If you do not go to the branch and sign, your bank locker may be sealed

Bank Locker: If you use a bank locker, go to your bank immediately. The Reserve Bank of India (RBI) has implemented new rules related to bank lockers. If you do not go to the branch and sign, your bank locker may be sealed. Under the new rules of RBI, it is mandatory for all existing locker holders to sign a new updated rental agreement. If you have not completed this process yet, then your bank locker can also be sealed. That is, if you have not signed a new locker agreement yet, then settle it as soon as possible, otherwise your locker may be sealed.

What is the whole matter?

RBI changed the bank locker rules in August 2021 to ensure the safety of the customers and make the transaction more transparent. Under these rules, customers who have taken a locker before January 2023 are required to sign a new locker agreement.

However, many customers were not able to complete this process on time, so RBI first extended the deadline from January 2023 to December 2023, then to March 2024. There are still lakhs of customers left, so banks have asked RBI and the Finance Ministry to extend the new deadline to December 2025.

What is written in the new agreement?

Limited liability of the bank: If the locker is damaged due to theft, fire or natural disaster, the bank will not be fully responsible. The locker rent, rules of use and complaint redressal process are clearly stated. Also, the bank has to explain all the terms related to the locker service to the customer.

Stamp paper: The agreement has to be signed on non-judicial stamp paper.

Who all have to sign?

Customers taking locker before January 2023

Joint locker holders

Nominee should be added.

If you are renewing the locker or shifting the branch.

NRI and senior citizen customers may have trouble getting access to stamp paper or bank branch, so special facilities have been provided for them.

How to know whether you have signed the agreement or not?

If you are not sure whether you have signed a new agreement or not, then go to your bank branch and get the information. If not, then complete the process immediately. Also, if you have not added a nominee yet, then definitely add that too. This can avoid any legal problem in future.

Which documents will be required?

  • PAN card
  • Aadhaar card
  • Passport (if available)
  • Old locker agreement or related document

The post Bank Locker: Big news for bank locker users! Go to the bank and do this work immediately, otherwise the bank locker will be sealed first appeared on informalnewz.

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