New Locker Agreement Deadline Approaching Soon! Here’s What You Need To Do
As per the RBI guidelines, banks have been directed to renew your locker agreements before June 30, 2023. Check details here.
As per the new RBI guidelines, safe locker customers are to sign a new agreement designated with their banks.
The RBI has provided a deadline for banks to renew 50% of customer agreements by June 30.
As the deadline is approaching closer, an increased number of banks are reaching out to their customers in different ways to complete this process.
In a recent Twitter post, SBI requested its customers to connect with their locker holding branch and complete the upgraded locker agreement process as required.
This post was in regard to the RBI’s circular that stated, "Banks are advised to notify all of their customers of the revised requirements by April 30, 2023, and ensure that at least 50% and 75% of their existing customers have executed the revised agreements by June 30 and September 30, 2023, respectively."
Several banking institutions that provide locker facilities are approaching their customers in different ways to upgrade their locker agreements.
Why Do You Need To Sign The New Locker Agreement?
In 2021, the Supreme Court clarified that lockers are liabilities and responsibilities of lockers and banks. As per the old regulations, the banks were custodians of the locker and had to shoulder a large responsibility in case of any damage. But, as per the new agreement, the locker user is the lessee and the bank is the lessor.
New Locker Agreement And Rules
Following are a few new norms and regulations mentioned in the agreement:
Customers cannot store any hazardous materials such as contraband, drugs, weapons, arms, radioactive or perishable belongings. They cannot store the currency of any other country or cash in the locker.
Customers can use lockers to store documents and jewellery and only until they pay the rent.
The customer's license cannot be transferred to any third party.
In case the bank suspects the presence of any illegal material in a locker, it has the authority to inspect the locker and take the needful action.
The locker can be opened in the presence of the customer.
As per the new guidelines, the bank is not accountable for any unauthorized locker use. The customer is responsible for any misuse of password or key to the locker.
The bank is not liable for the misplacement of customer belongings in case of natural calamities such as earthquakes, floods, or man-made activities like terrorist attacks, or customer negligence.
The bank will have to compensate the customer in case of building collapse, theft, fire, robbery, or fraudulent act by its staff or the bank.
The agreement includes details such as locker rent, bank's duties and rights, escalation rights and other details. Currently, banks are entitled to pay this documentation cost.
Customers will be notified through email/SMS about their locker visit for safety reasons.
What is the deadline for the New Locker Agreement?
The deadline for the agreement is December 31, 2023. However, as per RBI guidelines, they are to complete 50% of the agreements by June 30 and 75% by September 30 respectively.
