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Bank locker rules:Bank locker is a safe facility, which the bank rents to its customers. In this, a person can protect his precious items like jewelry, cash, necessary documents, will, antique items or other valuable items. This locker especially provides protection from theft, fire or other disasters. The locker can only be used in the working time of the bank and a record of each visit is also kept.

Locker fare and deposit

The annual fare of the locker depends on its size and the bank’s location.

• The fare of small locker can start from ₹ 1,000 in village or towns.

• At the same time, the fare of large locker can be ₹ 10,000 or more in metro cities.

• Also, a bank can also ask to keep a fixed deposit as security.

Bank account required to get locker

To get a locker, you must have a savings or current account in the same bank. The locker is connected to your same account.

Insurance of things kept in locker

The bank only takes the responsibility of safety of the locker, but there is no insurance for the things kept inside the locker on their own. If the bank is not negligent, the bank will not compensate for the loss.

How to take insurance?:

Now many banks are insuring things kept in the locker through third party insurance companies. If you are keeping gold, silver or antique items in the locker, it will be prudent to insure.

Locker use rules

• You can use the locker only in the working time of the bank.

• Every time the bank entry to open the locker through a record sign or biometric.

Joint Locker and Namini

You can also take the locker with someone else (jointly). Along with this, you can also appoint a successor (Namini), so that it can get the locker items after your death.

Process after death

If the locker holder dies, the Namini can be given the locker things on showing the necessary documents.

RBI’s new rules (2021)

Now it is necessary for all customers to sign a standard agreement. And it is mandatory for the locker holder to visit the locker at least every 5 years. If you want to protect your valuables, then a bank locker is a great option. Keep in mind the rules of bus fare, insurance and bank.

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