What are the RBI’s revised bank locker rules?
By Lokmat English Desk | Published: June 11, 2023 03:55 PM2023-06-11T15:55:19+5:302023-06-11T15:55:19+5:30
Next 
The Reserve Bank of India (RBI) has extended the deadline for banks to complete the process of renewal of agreements for existing safe deposit lockers in a phased manner by December 31, 2023, with intermediate milestones of 50 per cent by June 30, 2023, and 75 per cent by September 30, 2023.
Banks are already repeatedly releasing advisories to customers and urging locker holders to sign their revised contracts by June 30.
SBI official Twitter account tweeted: “Bank has issued a revised/supplement locker agreement incorporating the customer’s rights
SBI official Twitter account tweeted: “Bank has issued a revised/supplement locker agreement incorporating the customer’s rights.
Customers availing locker facilities from SBI are requested to contact their locker holding branch and execute the revised/ supplement locker agreement as applicable.”
Punjab National Bank (PNB) has also started giving out revised bank locker agreements to their customers to comply with the RBI circular.
As per RBI guidelined, the revised agreement takes care of locker users as well as the banks. Earlier, banks were custodian of the lockers but now there is a leasing agreement, which means banks act as lessor and lease out the lockers to customers, who are paying rent to avail this facility.
Customers who don't have any other banking relationship with the bank can also rent the safe deposit locker / safe custody article after complying with all the necessary Know Your Customer (KYC) documentation and subject to on-going compliance.
Banks have to incorporate a clause in the locker agreement that the locker-hirer/s shall not keep anything illegal or any hazardous substance in the Safe Deposit locker. If the bank suspects the deposit of any illegal or hazardous substance by any customer in the safe deposit locker, the bank has the right to take appropriate action against you.
