Customers got more time for bank locker agreement, RBI issued guidelines


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bank locker Image Credit source: TV9 Network

If you are a customer of State Bank of India (SBI) and use bank locker, then you must have got information about the changes in bank rules in the last few days. You will have to sign a new bank locker agreement as per the new bank locker rules. RBI has extended the deadline for all banks to complete the process of renewal of locker agreement in a step-by-step manner till December 31, 2023. The first phase for renewal of 50 per cent agreements till June 30, 2023, is just a month away. In the second phase for banks, 75 percent of the agreements are to be renewed by September 30, 2023.

Customers having lockers at bank branches will have to sign the revised locker agreement by June 30, 2023. Several banks, including SBI, are encouraging customers having lockers in their branches to sign the revised bank locker agreement by June 30, 2023.

The Supreme Court had given this instruction to RBI

Supreme Court (SC) in February 2021 The Supreme Court had directed the RBI to finalize the rules for locker management within 6 months from the date of the order. The RBI complied with the order in August 2021, issuing a circular requiring banks to have board-approved agreements for lockers. Banks may adopt the model locker agreement prepared by the Indian Banks’ Association (IBA).

The agreement incorporating the new rules came into force on January 1, 2022, for new locker customers, but for existing customers, banks were to complete the process by January 1, 2023. Just before the January 1 deadline, the RBI and banks realized that a large number of customers had not yet signed the revised agreements. In fact, many banks had not even alerted their customers on the need to sign the revised agreement by January 1.

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RBI extended the deadline

RBI has decided to extend the deadline for banks to complete the process for existing safe deposit locker customers in a phased manner up to December 31, 2023, so that even those customers who have not signed the revised bank locker agreement by December 31, 2023, Can complete the signing process by 2023.

Alert for locker access

Register your email id and mobile number with the bank. Bank will send an email and SMS alert informing the date and time of locker operation. Banks will also provide prevention mechanism for unauthorized locker access.

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Compensation in case of theft, fire

You must note that it is the responsibility of the banks to take all steps for the safety and security of the bank in which the safe deposit vaults are contained. In case of incidents like fire, theft, burglary, robbery, dacoity, building collapse, negligence by the bank, or fraudulent activity by its employees, the bank has to pay compensation to the locker holder. The liability of the bank will be equal to 100 times the current annual rent of the safe deposit locker.

Bank will not be responsible in this situation

The Bank will not be responsible for any loss or damage to the contents of the Locker due to rain, flood, earthquake, lightning, civil commotion, riots, terrorist attack or customer’s negligence.

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