Do you have bank locker? You need to sign updated locker agreement by this date else it may be sealed

A bank locker or safe deposit box is rented out by banks to their customers to keep their valuable items and belongings. Banks use improved security measures such as 24×7 surveillance cameras, alarms, restricted areas, and more to reduce the danger of damage and theft, and charge fees for that from customers. The Reserve Bank of India (RBI) has implemented new rules for bank locker holders, under which all customers must sign an updated rental agreement. If you have not signed the updated bank locker agreement, then do it immediately to avoid sealing of your locker.

What is the matter?

In August 2021, the RBI asked banks to sign new rental agreements with all existing locker holders. The RBI issued this directive after considering customer complaints, technical modifications, and Supreme Court instructions. So that transparency and security can be improved in the locker facility provided to clients.

What if you don’t sign the updated locker agreement

If a bank locker holder doesn’t sign the updated locker agreement, their locker might be sealed as the banks are seeking the RBI’s and government’s permission to send final notices to non-compliant customers and seal lockers if needed.

Banks demanded to extend the deadline

To give customers an extra time, banks have requested RBI to extend the deadline of March 2024 to December 2025.

The RBI instructed banks to execute new agreements by January 1, 2023. However, due to a lack of adequate information from banks and clients who did not complete the process, the deadline was extended twice- once until December 2023, and again until March 2024.

Despite extending the deadline, some customers have still not signed the new agreement.

How to check if you have signed a new agreement or not

If you haven’t already signed the new agreement, go to your bank and sign it. Those who are unsure if they have signed it should visit their bank branch to check whether they need to sign a new agreement or not. 

Documents required for the new agreement

You need KYC documents like:
PAN
Aadhaar card
Passport
Old agreement/documents related to the locker
Add a nominee also, if you haven’t