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 locker. If you do not signed by going to the branch, then your bank locker can be sealed. Under the new RBI rules, 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?
The RBI had changed the bank locker rules in August 2021 to ensure the safety of the customers and the transactions become more transparent. Under these rules, customers who have taken the locker before January 2023 need to sign a new locker agreement.
However, many customers could not complete this process on time, so RBI first increased the deadline from January 2023 to December 2023, then extended to March 2024. There are still millions of customers left, so banks have demanded RBI and Finance Ministry to increase the new deadline by December 2025.
What is written in the new agreement?
Bank’s limited responsibility: If the locker suffers from theft, fire or natural disaster, the bank will not be completely responsible. Locker fare, use rules and grievance redressal process are clearly stated. Also, the bank will have to explain all the conditions related to the locker service to the customer.
Stamp paper: Agreement has to be signed on non-jurdicist stamp paper.
Who has to sign?
Customers taking locker before January 2023
Joint locker holder
Nominee couples are coupled.
Shifting the renewal or branch of the locker.
NRI and senior citizens customers may have trouble reaching stamp paper or bank branch, so special facilities have been given to them.
How to know or not you signed an agreement?
If you are not sure whether you have signed a new agreement or not, then go to your bank branch and get information. If not done, complete the process immediately. Also, if you have not added a nominee yet, then definitely add that too. This can prevent any legal problem in future.
Which documents will be needed?
PAN card
Aadhar card
Passport (if available)
Old Locker Agreement or Related Document