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Bank Locker Rule: Are you planning to get a bank locker? If yes, then it is important to know some basic things about it. RBI has made some changes in the rules related to bank lockers. Customers who have signed an agreement with the bank for a locker on or before 31 December will have to sign the revised agreement as per the new rules and send it to the bank. It is important to know these rules before getting a locker. This lets customers know about their security and rights. (Reserve Bank of India)

Choose a bank wisely-

It is important to choose a bank for a locker wisely. First of all, choose a bank that provides good service. Second, the bank should be close to your home so that the facility can be easily availed. If you already have an account in that bank, it is even better. Choosing the right bank is important because if you do not like the service of the bank after opening the locker, then you may have to face problems.

Keep these documents ready in advance-

If you want to open a locker account in a bank in which you do not already have an account, then the bank may ask you to open a savings or current account first. For this, you must have your passport-size photo, identity proof, and address proof. Apart from this, PAN will also be necessary. You can use your Aadhaar for address proof.

What things are allowed to be kept in the locker?

Generally, lockers are used to keep valuables. Especially those things which we do not consider safe to keep at home. These include jewellery, loan papers, land papers, birth and marriage certificates, insurance policies, savings bonds etc. The agreement of the customer with the bank includes the terms and conditions for the use of the locker.

Locker Fees-

The bank charges customers a locker fee every year, which may vary from branch to branch. The fees of branches located in busy areas may be higher. It is important to get complete information about the fees before opening a locker so that there is no problem in paying later. Many people open a locker first, but face difficulty in paying the fees. To avoid this problem, you can use the auto debit facility. In this, your fees are automatically deducted from your savings account on the due date, which eliminates the need to go to the bank. This makes payment easy and timely.

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