Divide Valuable Items Between Home & Locker It would be prudent to pay your locker rent on time to avoid such troubles. In case you fail to pay the rent for three years, the bank can at its discretion break open the locker. However, if the customer has a satisfactory bank balance, the bank may not additionally require the term deposit. Under the new rules, the RBI has permitted banks to get a term deposit from new customers while allotting lockers so that such deposits can be used to recover locker rent for up to three years along with the charges towards breaking the open locker under contingency. But you must read your locker agreement carefully and always keep a copy of it with you. The RBI has notified that banks shall ensure fair terms and conditions. The new rules will be applicable from Janufor customers signing up for new lockers. Banks must renew agreements with the current customers from January 1, 2023. The new locker rules won’t apply immediately to the existing locker holders. To avoid such troubles, one may simply operate the account at regular intervals. Banks can rule if the reason is valid or not. Locker holders need to provide a valid reason for their non-use of the account. Before banks take any such action, they are required to send locker holders sufficient notice when their locker accounts become inactive. Locker holders must operate their lockers at least once a year, else banks are permitted to break them open using the protocols laid in your locker agreement. If in some situation, an item goes missing from your locker, the list will help you identify it. Hence having this list will help you track your valuables. You may not access the locker for long intervals and may therefore forget what you have saved there. When you add or subtract items from the locker, diligently update your list. Make an itemised list of your valuables in the safe. Electric vs Non-Electric Vehicle: Which is budget-friendly? 5 things to keep in mind Keep Records Of Your Locker Items
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