RBI has instructed banks to inform the customers about the Bank Locker Agreement renewal or amendments made in the rules. Each bank has been asked to settle 50 per cent of the locker agreement changes before June 30.
Whereas, the deadline has been declared for the rest as well. That’s why other banks including SBI are sending locker related alerts to their locker customers. According to the Bank Locker Agreement Policy 2023, while giving the locker to the customer, the bank enters into an agreement with that customer.
A copy of this Agreement on paper duly stamped and signed by both the parties is given to the Locker Hirer for his/her rights and responsibilities. Whereas, the original copy of the agreement remains with the branch of the bank where the locker facility is given to the customer.
RBI has made some amendments in the locker rules from January 1, 2023, after which the need to sign renewal locker agreement is being emphasized. The Reserve Bank of India (RBI) has extended the deadline for the process of agreement renewal for existing safe deposit locker customers in a phased manner. RBI said that the banks have not informed the customers about the need to sign the revised agreement.
Whereas, changed instructions may also not be followed. RBI has set June 30 and September 30, 2023 as the last date for banks for this work. RBI said that the deadline has been extended to remove all these difficulties and to make the process comfortable for the customers. Banks are advised to inform all their customers about the revised requirements in the meantime.
RBI has said that banks will have to ensure that by June 30, 2023, 50 percent of the customers sign the Revised Bank Locker Agreement. RBI said that banks are being given time till 30 September 2023 to complete 75 per cent of this work. So that, customers can get aware of the revised locker agreement and sign it.
After the strictness of RBI, SBI has issued an alert to its customers saying that a revised or supplementary locker agreement has been issued incorporating the rights of the customer. Customers availing locker facilities from SBI are requested to approach their locker holding branch and get the Revised Locker Agreement executed as applicable.
