If someone has not renewed his/her agreement, it's better to reach out to the bank and update the locker agreement if required, said Adhil Shetty, CEO at BankBazaar.com while talking to CNBC-TV18.com.
"It is also advisable that they access their lockers at least once a year.
Banks are permitted to break them open using the protocols laid in the locker agreement.
To avoid such troubles, it is best to operate the account at regular intervals," Shetty said.
At the time of allotment of the locker to a customer, the bank enters into an agreement with the customer, on a paper duly stamped.
A copy of the locker agreement in duplicate signed by both the parties shall be furnished to the locker hirer to know his/her rights and responsibilities.
The original agreement shall be retained with the bank’s branch where the locker is situated.
As per RBI's notification, it is the responsibility of banks to take all steps for the safety and security of the premises in which the safe deposit vaults are housed.
It has the responsibility to ensure that incidents like fire, theft/ burglary/ robbery, dacoity, building collapse do not occur in the bank’s premises due to its own shortcomings, negligence and by any act of omission/commission.
In cases where loss of contents of locker are due to incidents mentioned above or attributable to fraud committed by its employee(s), the banks’ liability is for an amount equivalent to one hundred times the prevailing annual rent of the safe deposit locker.
The bank are not liable for any damage and/or loss of contents of locker arising from natural calamities or acts of god like earthquake, floods, lightning and thunderstorm or any act that is attributable to the sole fault or negligence of the customer.
Banks will, however, exercise appropriate care to their locker systems to protect their premises from such catastrophes, according to RBI.
