RBI rules apply to bank lockers. The bank charges a fee from the customer for opening a locker account. Usually this fee is annual. The customer should know about the fees properly before opening a locker account
Are you planning to get a bank locker? If yes, then it is important to know some basic things about it. RBI has recently made some changes in the rules related to lockers. It would be good to know them too. RBI rules apply to bank lockers. RBI has said that customers who have made agreements with the bank for lockers on or before 31 December will have to sign the revised agreement. Then, it has to be sent to the bank. Let us now know those things which are important to know before getting a locker.
Choose a bank wisely
You need to choose a bank for a locker (Bank Locker) wisely. First of all, you have to choose a bank with good services. Secondly, the closer that bank is to your home, the better it is. If you already have a savings account in that bank, then it is even better. It is important to choose a bank wisely because once you open a locker account, if you do not like the service of the bank, then you will have 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 can 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 required. You can use your Aadhaar for address proof.
What things are allowed to be kept in a locker?
Generally, a locker is 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 customer’s agreement with the bank includes the terms and conditions for using the locker.
Locker Fees
The bank charges the customer a locker fee every year. The fee may vary depending on the branch of the bank. The locker fee may be higher in branches located in more crowded areas. It is important for you to know about the fees properly before opening a locker. Many people open a locker first, but later they face difficulty in paying the fees. You can use the auto debit facility to pay the locker fees. This will automatically deduct the fee from your savings account on the due date. You will not need to go to the bank branch to pay the locker fees.
