Can NRI have bank locker in India?

If the reasons mentioned are genuine, that is, if you are a Non-Resident Indian (NRI) or you were not in the city due to transferable job or any other genuine reason, then the bank can allow you to continue with the locker facility. Every bank is required to inform the customer about this clause.

Who is responsible if items in safe custody of safe deposit locker are lost?

The common feature of all locker hiring agreements states, “As per safe deposit memorandum of hiring locker, the bank will not be responsible for any loss or damage of the contents kept in the safe deposit vault as a result of any act of war or civil disorder or theft or burglary and the contents will be kept by the …

Can a bank break locker?

The recently revised Reserve Bank India (RBI) guidelines regarding safe deposit lockers allow the banks to break open a locker if it remains inoperative for a longer period of time even if rent is being paid regularly.

Can a nominee operate a locker?

A nominee can be registered by the hirer so that the locker can be accessed in the event of the hirer’s death. The procedure to access the locker is as follows. The nominee will be allowed to access the locker after making an application to the bank with the following documents: Copy of hirer’s death certificate.

Are lockers safe in banks?

People assume bank lockers are 100 percent safe. But we know this isn’t true and there are always risks, and losses also may not be adequately compensated for. Therefore, you may consider splitting your valuables between home and bank locker and avoiding holding all valuables in either one of those options.

Can an NRI open a bank account in India?

The Reserve Bank of India (RBI) has allowed non-resident Indians (NRIs) to operate resident bank accounts on “either or survivor” basis. According to RBI, banks may include an NRI close relative in existing / new resident…

How safe are bank lockers in India?

Bank lockers are generally safe in India. There have been a few incidents where the valuables kept in bank lockers were stolen but such incidents have been very few given the vast expanse of the country.

Can I convert my Indian savings bank account to NRO?

In any case, if you still continue to hold your Indian resident savings bank accounts, it would be advisable to get the same converted to NRO. Any fresh accounts that you may open using foreign currency will be NRE accounts.

Can a non-resident account holder open an NRO account?

The onus will be on the non-resident account holder to keep the bank informed to get the account categorised as NRO account and all such regulations as applicable to NRO account shall be applicable. According to RBI, the joint account holder facility may be extended to all types of resident accounts including savings bank accounts.