The Reserve Bank of India has announced a new rule that locker holders can claim compensation up to 100 times the annual rent if the holdings are lost due to theft, fire, bank fraud, etc.
Few things you need to know about the safety of lockers.
Keep Records of Your Locker Items
Make a list of your valuables in the safe. It will help you to identify the items in case you do not find them in your locker or your home as you may not access the locker for long intervals and may therefore forget what you have saved there.
Access Locker Once a Year
Bank Locker must be accessed once a year, otherwise, banks have the permission to break the lockers using the protocols mentioned in the agreements. Before taking any action they are required to send a notice to the holders for the inactivation of the locker.
Get Agreement Copy from Bank
The new rules will be applicable from January 1, 2022, for new bank locker holders. The RBI has notified that banks should mention fair terms and conditions. One must read the locker agreement carefully and always keep a copy of your locker agreement with you.
The RBI ordered the banks to ask for a term deposit from new customers while allotting lockers so that such deposits can be used to recover the rent for up to three years in case of nonpayment of charges along with the charges towards breaking the open locker. One must pay the locker charges on time so to avoid such trouble.
Divide Valuable Items between Home & Locker
Ideally, the valuables in your locker should not be worth more than 100 times your annual locker rent. The rest can be put at a safe location in your home, as all the valuables kept in a locker is also not safe in the bank
What Else Can You Do?
You can also take an insurance policy against your valuables. Insurance can be bought for items kept both in your bank locker and in your home locker (Safe). However, chances for claim settlement are higher if the valuable items are kept at home.