New Delhi: Though bank lockers are an excellent option to keep your valuables safe, there are certain Dos and Don’ts that need to be followed religiously to use them properly and safely. The revised bank locker agreement lays down items that are permitted and prohibited, roles and responsibilities of the banks, and procedures that will be followed, particularly in the case of a depositor’s death.
Bank locker rules: Items Allowed
Bank lockers are just the right place to store items of value like jewelry, important documents, property papers, birth or marriage certificates, insurance policies, savings bonds, and other confidential materials. There are, however, rigid taboos. Cash and currency are forbidden in bank lockers. Arms, weapons, drugs, explosives, contraband, perishable goods, radioactive materials, illegal substances, hazardous materials are also prohibited. The guidelines also disallow storage of any material that is a public nuisance or causes public disturbance.
Bank Responsibilities
The banks are responsible for loss or damage arising due to negligence on the part of banks or because of their fraudulent actions. It has to compensate the customer with an amount that is hundred times the annual rent on the locker in such cases. This covers cases of theft, fire, burglary, and other forms of damage attributed to negligence on the bank’s part. The rule of compensation is there so that the interests of the customers are protected if the bank’s direct actions lead to loss or damage of the stored items.
Operations of Bank Locker after Death
In the event of death of a locker holder, specific procedures ensure that appropriate access to the contents of the locker is made. Banks are guided by directives that would allow nominees or survivors to have access to the locker, subject to proper documentation. The customer must see that a survivorship clause and nomination facility are registered with the opening of a locker to enable smooth proceedings in this regard.
By these rules, banks and customers become safe with respect to bank lockers, and important valuables are saved from the possible risks.
Bank lockers offer a secure solution for storing valuables, but strict guidelines govern their use. Items like cash, weapons, and perishable goods are prohibited. Biz News Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
