Bank Locker Agreement: If you also have valuables lying in the bank locker, then definitely read this news.
The Reserve Bank of India (RBI) has ordered banks to complete the renewal process of Locker Agreements in a phased manner by December 31, 2023. Account holders will have to sign and deposit a new bank locker agreement. This will also have to be done by those account holders who had signed and deposited the bank locker agreement on or before December 31, 2022. According to RBI, for this, banks will have to provide the facility of execution of new/supplementary stamp agreements to their customers by making arrangements for all things including stamp paper, franking, electronic execution of the agreement, e-stamping. Along with this, banks will also provide a copy of this agreement to the customers.
What is locker agreement?
As soon as the locker is allotted, the bank and the customer come under an agreement. This agreement is made through a duly stamped paper. This agreement is signed by both the parties and a copy of it is given to the customer to know his rights and responsibilities. During this time the original agreement will be kept in the branch of the bank where the locker is located.
When do banks compensate customers?
According to RBI, the security of lockers is the responsibility of the bank. The Bank is required to ensure that incidents like fire, theft, burglary, robbery and building collapse do not occur in the Bank’s premises due to its own shortcomings, negligence or omissions. If this happens due to such incidents or fraud committed by any bank employee, banks will have to pay an amount equal to hundred times the prevailing annual rent of the safe deposit locker to the customer as compensation.
Banks will send an email and SMS alert to the customer’s registered email ID and mobile number before the end of the day, informing them of the date and time of locker operation and the redressal mechanism available in case of unauthorized locker access. If the Bank Locker is accessed by customers, banks will have to send a confirmation message with time and date to the registered email ID and mobile number before the end of the day. If someone has gained access to the bank locker fraudulently, the bank will also have to provide its solution.
During this period, the bank will not be responsible for any incident caused by natural calamities like earthquake, flood, lightning and storm or due to the negligence of the customer.
