Bank Negligence: Beware of bank locker using, 31 December is the last date, or may be sealed

News India Live, Digital Desk: Bank negligence: There is a very important news for customers using bank locker! If you have not yet signed a new agreement with your bank, then immediately settle this work. If you do not do so, your bank locker can be seized and you may have to face problems.

Actually, the Reserve Bank of India (RBI) has made some changes in the rules related to the locker. Following an order from the Supreme Court, RBI issued new guidelines to banks in February 2023. Under these new rules, all locker holders are required to sign a new or updated agreement by contacting their respective banks by 31 December 2023.

What will happen if not signed?

If you do not sign a new agreement within the stipulated time limit, then your bank locker can be sealed. Being sealed means that you will not be able to open or operate it. In such a situation, the bank will take the goods of the locker sealed according to its rules, if it is worth it, then it will safely take it in its custody.

What are the benefits of customers from these new rules?

Customers will also get great benefit from new rules:

• Bank’s accountability increased: Now if the negligence of the bank misses the goods of your locker, stolen (such as fire, fraud or rigging by an employee), then the bank will have to take full responsibility. In such cases, the bank can give you up to 100 times the annual fare of your locker.

• Locker will not open illegally: The bank will no longer be able to open your locker without your will or without any court/government order. They will have to give full information about this.

• On not paying rent: If customers do not pay the fare of the locker, then the bank will have to wait for at least 7 years before opening the locker. During this time, the bank will try to contact the customer.

• Transparency: RBI has also instructed banks to prepare a ‘model locker agreement’ (draft of a fixed agreement) so that everything is transparent and easy to understand.

So, if you use a bank locker, contact your bank before 31 December 2023 and do not forget to sign a new locker agreement. This is necessary for both your rights and security of your property

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