If you keep a locker in a bank, then you will have to sign the locker agreement of the banks before January 1, 2023. Because the rules of locker are going to change from January 1, 2023. Let us know about it in detail.
The Reserve Bank of India (RBI) had issued revised instructions for ‘Bank Safe Deposit Locker’ on August 18, 2021. Under which banks were required to sign a revised agreement with the existing locker holders by January 1, 2023. However, RBI extended the date for signing the revised locker agreement several times as many customers had failed to do so.
These people will have to sign
Let us tell you that many banks provide locker facilities to their customers. In this, people keep their important documents and things like jewelery etc. which require a lot of security. Therefore the locker is also called bank safe deposit locker.
The revised RBI guidelines are applicable to both new and existing safe deposit lockers and safe custody facilities of commodities. If you have signed the bank locker agreement before December 31, 2022, then you will need to once again sign the revised agreement and submit it.
What is the signing deadline?
The last date for signing the revised locker agreement is December 31, 2023. According to an RBI press release dated January 23, 2023, “It has been decided to extend the deadline for completing the process of renewal of agreements for existing safe deposit lockers in a phased manner up to December 30, 2023.” Further, banks have been advised to make all necessary arrangements to facilitate proper execution of the amended agreements by ensuring availability of stamp paper.
Further, banks were asked to inform all their customers about the revised requirements by April 30, 2023. Apart from this, banks were asked to ensure that at least 50 percent and 75 percent of their existing customers have signed this agreement by June 30 and September 30, 2023 respectively.
What has changed in the new locker agreement?
As per the new regulation, customers are required not to use the locker for any illegal purpose or store any illegal items, illegal items or hazardous materials. As per the SBI Revised Locker Agreement, “The Customer shall not use the Locker for any illegal activity or keep anything illegal/restricted or any dangerous substance in the Locker.”
In the event of this happening the Customer agrees that the Bank may terminate the right to open the Locker and use the Locker subject to compliance with the legal formalities in this regard. Apart from this, the bank will also have the right to take appropriate action against the customer.
