Bank Locker Deadline: Important updates for bank locker holders you need to know

Bank lockers are widely recognized as the most secure means of safeguarding your valuable possessions. When availing the facility of a bank locker, customers are charged according to the locker's size, with each bank having its own set of regulations. If you currently possess a bank locker, it is imperative to sign the revised locker agreement by June 30, 2023, as mandated by several banks, including SBI, who have communicated this requirement to their customers.

RBI's guidelines and extension: In January 2023, the Reserve Bank of India (RBI) extended the locker agreement process for banks until December 31, 2023. By June 30, 2023, 50 per cent of locker agreements are expected to be renewed, followed by 75 per cent by September 30, 2023. This directive was issued by the RBI in February 2021 in response to a Supreme Court decision. The revised locker agreement instructions were provided by the RBI in August 2021.

Implementation and deadlines: For customers acquiring new lockers in banks, the agreement rules came into effect on January 1, 2022. Existing customers were required to complete the process by January 1, 2023. However, as most customers had not signed the revised agreement by this date, the RBI extended the deadline to December 31, 2023. According to RBI guidelines, the agreement should be executed on stamp paper, provided by the banks at no cost to their customers.

Understanding the locker regulations: Bank lockers are subject to various rules and regulations. While banks are not liable for any damage caused to the locker due to calamities such as rain, flood, earthquake, lightning, riots, or terrorist attacks, it is the bank's responsibility to ensure the security of the locker. Compensation must be provided by the bank in cases of fire, theft, burglary, robbery, building collapse, bank negligence, or fraudulent activities committed by bank employees.

Note: It is advisable to consult with your respective bank for specific locker agreement terms and conditions.