Bank Locker and Credit Card Rules To Change from 2023
If you are a credit card user & bank locker user here is an important update for you related to the change in rules starting from this new year.
The year 2022 is ending and the new year is about to begin. Every new year brings with it some new changes, which are very important for the common man as these changes directly affect our lives and our pocket. I will tell you about the changes in bank locker rules and credit card rules that will come into effect from 1st January, 2023.
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Bank locker rules:
Banks provide locker options to customers to deposit their assets like jewelry, FD papers more safely and securely. However, there are some rules that customers need to follow in order to utilize bank lockers in different banks. From 1st January 2023 and you will have to sign the locker agreement with the banks. As per an RBI notification, the agreements must follow the model drafted by the Indian Bank Association (IBA). “Banks shall ensure that any unfair terms or conditions are not incorporated in their locker agreements.” Banks must obtain a term deposit from the customer at the time of locker allotment. This will save the bank from the situation where the customer neither operates the locker nor pays the rent. The term deposit would cover rent for three years and charges to break open the vault if the need arises. After the implementation of these rules, if there is any damage to the goods kept in the bank locker, then the responsibility of the bank will be fixed for this. Also, the banks will have to give all the information about the change in locker related rules to the customers through SMS and other means.
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Credit Card Rules:
All banks issue different types of credit cards which give different benefits. While some give cashback, some give reward points which can be redeemed later on. From 1st January, 2023, there will be a change in the rules for those using credit cards. This change is related to the reward points earned on payment through credit cards. From the beginning of the new year, HDFC Bank and SBI are going to change the reward points received on its credit card payments. If you are a credit card user, it is suggested that you contact your bank for the detailed changes that will occur based on the type of your credit card.
