Bank Locker: People often keep valuables like jewelery and property papers in safe lockers in banks. Do you know what happens if your belongings in the locker are stolen or lost? There are many incidents of theft by breaking lockers in banks. Earlier, in case of theft of your belongings kept in the locker, there was no guarantee from the banks and the loss to the locker owners was not compensated, but now the rules have changed in this case. The Reserve Bank of India (RBI) recently announced a new rule. According to this rule, if your goods kept in the locker are damaged due to theft, fire, bank fraud etc., then in this situation you can claim for its compensation. You can claim compensation under this rule up to 100 times the annual fee charged by the bank as locker fees.
Here we are going to tell you some important things about the security of the locker, which is very important for you to know.
Make a list of valuables
You should make a list of your valuables kept in the safe. If you remove some items from the locker or keep any other items in it, then definitely update its information in your list. Many times it happens that you are not able to open your locker for a long time, in such a situation you can forget what you have kept in the locker. Having a list will help you track your valuables. If ever any item goes missing from your locker, it is easy to find out what has gone missing through the list.
Must open locker at least once a year
Locker owners must open their lockers at least once in a year. If your locker is locked for years, then the bank can break them by following the procedure prescribed under the agreement. However, according to the rules, before doing so, banks have to send a notice to the customers. If for some reason you have not opened your locker for years, then you will have to give complete information to the bank. To avoid such problems, you should keep accessing your locker regularly.
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Make sure to keep a copy of the agreement
The new locker rules do not apply immediately to existing locker owners. For this, banks will have to renew the agreement with the existing customers from January 1, 2023. For customers applying for a new locker, these new rules will be applicable from January 1, 2022. RBI has said that banks will have to follow the terms and conditions properly. You should read your locker agreement carefully and keep a copy of it with you.
Pay locker fees on time
Under the new rules, RBI has allowed banks to collect deposits from new customers while allotting lockers. This has been done so that this deposit can be used for breaking the locker and for recovery of rent. However, if the customer has a decent bank balance, then the bank is not required to take deposits. If the locker rent has not been paid for three years, the bank can break it at its discretion. To avoid such problems, it would be prudent to pay the locker rent on time.
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The value of the goods should not exceed 100 times the annual locker fee
People think that the bank locker is completely safe. But this is not true and there is always a risk involved. The damage caused due to this also cannot be fully compensated. Instead of keeping all your valuables in one place, you can keep them in different places. That is, it can be done that you keep half your belongings in the bank locker and half at home. It should be kept in mind that the value of your belongings kept in the locker should not exceed 100 times the annual locker fee. Leftover valuables can be kept in a good locker in your home too.
Apart from this, you can also get your valuables insured. Insurance can also cover the loss in case of theft, fire, burglary etc. You can buy insurance for items kept in both your bank locker and your home locker.
(This article has been written by the CEO of BankBazaar.com.)