The Reserve Bank of India (RBI) has extended the deadline for banks to complete the process of renewal of locker agreements for both new and existing customers until December 31, 2023. Banks are required to renew 50% of agreements by June 30, 2023, and 75% of agreements by September 30, 2023. The central bank offered instructions to banks on locker rules following a Supreme Court judgement in February 2021. The RBI issued a circular in August 2021 requiring banks to have a board-approved agreement in place for lockers. Banks must provide a copy of the agreement to customers and are allowed to seek fixed deposits covering three years’ rent and other charges for locker allotment. Banks must compensate customers in the event of incidents such as fire, theft, and building collapse, with liability equivalent to 100 times the annual rent of the safe deposit locker.
Revised Bank Locker Rules Explained by Reserve Bank of India
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