Bank Locker: If you use a bank locker, go to your bank immediately. The Reserve Bank of India (RBI) has implemented new rules related to bank lockers. If you do not go to the branch and sign, your bank locker may be sealed.
Bank Locker: If you use a bank locker, go to your bank immediately. The Reserve Bank of India (RBI) has implemented new rules related to bank lockers. If you do not go to the branch and sign, your bank locker may be sealed. Under the new rules of RBI, it is mandatory for all existing locker holders to sign a new updated rental agreement. If you have not completed this process yet, then your bank locker can also be sealed. That is, if you have not signed a new locker agreement yet, then settle it as soon as possible, otherwise your locker may be sealed.
What is the whole matter?
RBI had changed the bank locker rules in August 2021 to ensure the safety of customers and make transactions more transparent. Under these rules, customers who have taken a locker before January 2023 are required to sign a new locker agreement.
However, many customers were not able to complete this process on time, so RBI first extended the deadline from January 2023 to December 2023, then to March 2024. There are still lakhs of customers left, so banks have asked RBI and the Finance Ministry to extend the new deadline to December 2025.
What is written in the new agreement?
Limited liability of the bank: If the locker is damaged due to theft, fire or natural calamity, the bank will not be solely responsible. The locker rent, usage rules and complaint redressal procedure are clearly stated. Also, the bank has to explain all the terms and conditions related to the locker service to the customer.
Stamp Paper : The agreement must be signed on non-judicial stamp paper.
Who all have to sign?
- Customers who took lockers before January 2023
- Joint locker holder
- Nominee should be added.
- You are renewing your locker or shifting your branch.
- NRI and senior citizen customers may face problems in getting access to stamp paper or bank branch, hence special facilities have been provided for them.
How to know whether you signed the agreement or not?
If you are not sure whether you have signed a new agreement or not, then go to your bank branch and get the information. If you have not done it, then complete the process immediately. Also, if you have not added a nominee yet, then do add him too. This can avoid any legal problems in the future.
Which documents will be required?
- PAN card
- Aadhar card
- Passport (if available)
- Old locker agreement or related document
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