At the time of locker allotment, banks enter into an agreement with the customer, which is signed by both the parties.
The Reserve Bank of India (RBI) has made phased renewal process mandatory for bank locker agreements with the last date being December 31, 2023. Account holders who had submitted the bank locker agreement on or before December 31, 2022, will have to sign a revised agreement and submit it to their respective bank branch.
At the time of locker allotment, banks enter into an agreement with the customer, which is signed by both the parties. The bank keeps the original agreement at the branch where the locker is located, while giving a duplicate copy to the locker hirer.
Although the bank sends notifications for the renewal of the agreement, but still if you are not aware about the renewal of your agreement, then contact your bank through customer care or by visiting the branch to get the latest information.
Banks are required to share details about the agreement and renewal on their websites. Check your bank’s site for updated locker agreement. Major banks like SBI, HDFC and ICICI have already posted their revised agreements online.
According to RBI, it is the responsibility of the banks to make adequate security arrangements at the place where the safe deposit vaults are kept. Banks should take all necessary steps to prevent incidents like fire, theft, burglary, dacoity, robbery and building collapse due to their deficiencies, negligence or any omission/commission.
The Bank is not liable for any damage or loss to the contents of the locker due to natural calamities or acts of God, such as floods, storms, earthquakes and lightning. However, banks are expected to take appropriate precautions to protect their locker systems from such disasters. RBI said that the customer will be responsible for any loss or damage to the items kept in the locker, if it is due to their fault or negligence.
In cases where banks are found responsible for any loss or damage to the contents of the locker, they are obliged to compensate the customer. It is the duty of the Bank to ensure the security of the lockers and the premises where they are kept. RBI said that the customer has the right to know about his rights and responsibilities through the signed locker agreement.
