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 customers were given time till December 31, 2024 to comply with it.
If you have a locker in a bank and you have not yet signed a new locker agreement, then be careful. RBI’s deadline for signing a locker contract has ended and taking action, many banks have sealed the lockers of such customers. In such a situation, if you have not yet signed your locker agreement, 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 customers were given time till December 31, 2024 to comply with it.
Why is a new agreement necessary?
RBI has asked banks to adopt a standard agreement to increase the security and transparency of locker customers. In this, the rights and responsibilities of both customers and banks are clearly defined. In the new agreement, the responsibility of the bank will be limited. In case of theft, fire, or accident, the bank will be held responsible to some extent. The customer will have to follow the terms of proper use of the locker and timely payment of rent.
What happens if the agreement is not signed?
If a customer has not signed a new agreement by the due date (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 said that customers who fail to renew the agreement before the deadline may face sanctions as banks may deny access to the locker and levy 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 locker.
How to sign a new locker agreement?
- Go to your bank branch
- Carry your identity and locker 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 of signing a new agreement can save your gold and documents from any danger. Be careful on time so that you do not have to regret later.
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