Bank Locker Agreement: Under the instructions of the Reserve Bank of India (RBI), it has been made mandatory for all banks to get the customers to sign a new revised locker agreement. This rule came into effect from January 1, 2023 and the customers were given time till December 31, 2024 to comply with it.
Bank Locker Agreement: If you have a locker in the bank and you have not yet signed a new locker agreement, then be careful. RBI’s deadline to sign the locker contract is over and taking action, many banks have sealed the lockers of such customers. In such a situation, if you have not signed your locker agreement yet, then do it immediately or else your locker will be sealed.
Under the instructions of the Reserve Bank of India (RBI), it has been made mandatory for all banks to get the customers to sign a new revised locker agreement. This rule came into effect from January 1, 2023 and the customers were given time till December 31, 2024 to comply with it.
Why is a new agreement necessary?
RBI has asked banks to adopt standard agreements to increase the security and transparency of locker customers. In this, the rights and responsibilities of both customers and banks are clearly defined. The responsibility of the bank will be limited in the new agreement. In case of theft, fire, or accident, the bank will be held responsible to some extent. The customer will have to agree to the terms of proper use of the locker and timely payment of rent.
What will happen if the agreement is not signed?
If a customer has not signed a new agreement by the stipulated time (31 December 2024), the bank can stop locker services. Before this you will also be given reminders and notices, but if negligence is still done, the bank can legally refuse to operate your locker.
RBI had said that customers who fail to renew the agreement before the deadline may face sanctions as banks can deny access to the locker and charge supplementary charges. In its circular dated January 2023, RBI said that it is important for customers to complete the process before the deadline of December 31, 2023 to avoid freezing of their bank lockers.
How to sign a new locker agreement?
- Visit your bank branch
- Carry identity and locker related documents
- Care the new locker agreement provided by the bank carefully and sign it
- A copy will be given to you as well
Do’s and Don’ts
- Sign the agreement on time
- Pay locker fees on time
- Do not sign any document without reading it
- Do not wait for the last date
Your locker is not just a safe but a symbol of your hard earned money and family’s safety. A small step like signing a new agreement can save your gold and documents from any danger. Be careful in time, so that you do not have to regret later.
Most Read Articles:
- IndiGo New Flights: Good news for passengers! IndiGo will start daily direct flights to this city from July 2, check schedule
- TCS latest update: Big news for employees! TCS has issued new work rules for its employees, know the new rule immediately
- Credit Card Link UPI: Link your credit card to UPI from home, know step-by-step guide
