You need to visit your bank lockers on a regular basis.I know the reason

New Delhi: Customers typically use bank locker facilities to keep their jewelery and important documents safe, but once done, they cannot visit the lockers on a regular basis.

The Reserve Bank of India (RBI) regulations require you to go to your bank locker at least once a year. Otherwise, the bank may open the locker. However, it can take longer if it falls into the low-risk category. Banks in the medium risk category will only send notifications if the locker has been left unoperated for more than 3 years in accordance with RBI regulations.

Read again | India’s tricky options in Myanmar’s turmoil

Banks classify customers into different risk categories (low, medium, high) according to different parameters such as financial status and social status, the nature of their business activities, and their customers and their location. Banks must perform due diligence properly before assigning lockers to people.

If the locker has been idle for an extended period of time, the bank should send a notification to the locker owner to advise them to operate or abandon the locker facility. The bank should ask you to answer in writing why you are not operating the locker. If the reason given is genuine, that is, if you are a non-resident Indian (NRI), or if you were not in the city for a transfer or other genuine reason, the bank will give you a locker facility. You can allow the continuation.

If you don’t give proper instructions, the bank can cancel your allocation and assign it to another person, even if you pay your rent regularly but don’t open your account within the specified deadline. I will.

To open a bank locker, the bank must follow proper procedures. All banks must notify their customers about this clause. This seems to be part of an agreement to hire a locker facility.

Apply Mint newsletter

* Please enter a valid email address

* Thank you for subscribing to the newsletter.

You need to visit your bank lockers on a regular basis.I know the reason

Source link You need to visit your bank lockers on a regular basis.I know the reason

Related Articles

Back to top button