Bank locker facilities are frequently used by individuals, businesses, partnerships, limited corporations, groups, and clubs. All current locker owners must sign the new Locker Agreement in compliance with the Reserve Bank of India’s (RBI) updated policies. The RBI has established December 31, 2023, as the deadline for completing these updated contracts.
Bank lockers are only meant to be used for legal reasons, such as protecting important papers and valuables like gold. According to the new locker agreements, which include those of the State Bank of India (SBI) and Punjab National Bank (PNB), storing cash or foreign money in these lockers is not authorized.
The updated locker agreement from PNB expressly prohibits the storage of anything that might endanger the bank or its clients, including firearms, explosives, narcotics, perishable goods, radioactive material, and illicit items.
What Is Allowed To Be Kept In A Bank Locker?
Bank lockers are ideal for storing valuables, important papers related to loans, birth and marriage certificates, savings bonds, insurance policies, and other private and confidential things.
How To Store Items In A Bank Locker?
Kotak Mahindra Bank suggests using airtight (zip-sealed) plastic bags or pouches to protect paper and similar objects from dampness. For durability, paper documents can also be coated. Additionally, containers made of plastic or metal that fit within the locker may be used to store jewelry, decorations, and other items made of metal. It’s crucial to remember that the bank does not offer these storage solutions.
When Are Banks Responsible?
When losses arise as a result of bank carelessness, flaws, staff fraud, or acts of omission or conduct, banks take responsibility. In certain situations, the bank’s liability is capped at 100 times the safe deposit box’s existing yearly rent. According to SBI’s policy, the bank would pay you up to Rs 200,000 if the locker rent, for instance, is Rs 2000 per year.