If you have taken a locker in the bank and have not yet signed the new locker agreement, then be careful! The deadline for signing the locker contract of the Reserve Bank of India (RBI) is now over, and many banks have taken action and sealed the lockers of such customers. In such a situation, if you have not signed your locker agreement, then do it immediately, otherwise your locker may also be sealed.

Under the instructions of the Reserve Bank of India (RBI), it has been made mandatory for all banks to get a new revised locker agreement from the customers. This rule came into effect on January 1, 2023, and customers were given time till December 31, 2024 to comply with it.

Why is a new agreement necessary

RBI has directed banks to adopt a standard agreement to enhance the security and transparency of locker customers. This new agreement clearly defines the rights and responsibilities of both customers and banks.

Bank’s responsibility is limited in the new agreement

Earlier, the bank’s responsibility in any incident like theft, fire, or accident was very little or negligible. Under the new agreement, the bank’s responsibility will be limited to some extent. For example, in case of theft or fire, the bank will be responsible for compensation up to 100 times the annual rent of the locker (although it does not fully cover the value of the things kept inside the locker). The customer has to agree on the terms of proper use of the locker and timely payment of rent. This agreement ensures clarity and accountability for both parties.

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 may discontinue locker services. You will also be given reminders and notices before this, but if negligence is still done, the bank can legally refuse to operate your locker.

RBI had clarified in its circular of January 2023 that customers who do not renew the agreement before the deadline of 31 December 2023 may face sanctions, as banks can deny them access to the locker and charge additional charges. It is important to ensure that you complete this process within the stipulated time frame to avoid freezing your bank locker.

How to sign a new locker agreement

Signing a new locker agreement is a straightforward process. Follow these easy steps:

Visit the branch of the bank where you have your locker.

Keep your identity proof and all the necessary documents related to the locker with you.

Read and sign the new locker agreement given by the bank carefully.

After signing, you will also be given a copy of the agreement, keep it safe.

Do’s and Don’ts

To keep your bank locker safe and avoid any hassle, keep these things in mind:

Do’s

Sign the new locker agreement within the stipulated time limit.

Pay your locker rent/fees on time.

Read and understand any document completely before signing it.

Don’ts

Do not wait for the last date at all, as you may miss it due to rush or technical problems.

Do not sign without understanding any terms and conditions.