Bank Locker Agreement Renewal: A phased renewal deadline for bank locker agreements has been instituted by the Reserve Bank of India(RBI). Bank account holders who submitted their bank locker agreements on or before December 31, 2022 must sign and submit a revised agreement to their respective bank and branch.
What is a bank locker agreement and how does it work?
Banks are required to undertake an agreement with the bank holders at the point of bank locker allocation, signed by both parties involved. The original agreement is retained by the Bank’s branch, while a duplicate copy of the agreement is provided to the bank locker hirer.
Is your bank locker agreement updated? Here’s how to check
RBI has advised banks to arrange stamp papers, franking, electronic execution of agreements, e-stamping, etc. for fresh/supplementary stamped agreements with their customers. Steps that locker holders can perform –
- Banks are issuing notifications to renew bank locker agreements, customers can reach out to the bank’s customer helpline or visit the branch in person to check the status of the agreement.
- Customers can visit the official website of the bank and locate the revised locker agreement.
- Several banks now provide online access to accounts and agreement access. Customers must follow the guidelines and coordinate with your home branch, using the provided contact numbers, to complete the process.
According to the updated safe deposit locker regulations, the RBI prohibits customers from storing illegal or unsafe items in the bank locker. If the bank suspects deposits of any such substances, it reserves the right to take appropriate action.
Measures for bank locker safety
Banks bear the responsibility to ensure the safety and security of the premises housing the safe deposit vaults. It is necessary that banks take preventive steps concerning incidents like fire, theft, burglary, robbery, dacoity, and building collapse caused by the Bank’s shortcomings, negligence, or any act of omission/commission.
Are banks liable for damages?
The bank is not liable for damages or losses resulting from natural calamities or acts of God if solely attributable to the customer’s fault or negligence, but banks must still ensure the safety of their locker systems, as per RBI guidelines. RBI emphasises that banks must take necessary precautions with their bank locker systems to safeguard them from any such disaster.
In case of loss by the disasters listed above or fraud by an employee, banks are bound to bear the liability of an amount equal to one hundred times the prevailing annual rent of the deposit locker.