Bank locker holders should complete this work immediately or else your locker may be sealed, know the new rules of RBI
The Reserve Bank of India (RBI) has implemented new rules for bank locker holders, under which it is mandatory for all customers to sign an updated rental agreement. There is a risk of the locker being sealed if the agreement is not signed by the deadline of March 2024. Banks have sought to extend the deadline to December 2025, but customers should be cautious from now onwards.
Bank locker: Do you also use a bank locker? If yes, then this news is for you. The Reserve Bank of India (RBI) has issued strict guidelines to make the bank locker facility more secure and transparent. If you have not yet signed the updated rental agreement for the bank locker, then you may face trouble. Your locker may be sealed or you may be deprived of this service. All banks have been instructed by the RBI that it is necessary for all locker holders to sign a new agreement.
What is this whole matter related to bank locker?
The Reserve Bank of India had instructed banks in August 2021 to sign new rental agreements with all existing locker holders. This instruction was given by the RBI keeping in mind the complaints of the customers, technical changes and the instructions of the Supreme Court. So that transparency and security can be increased in the locker facility given to the customers.
Why is an updated rental agreement mandatory?
All locker holders must sign a new agreement with their bank. Old agreements will no longer be valid, and access to the locker may be blocked without a new agreement. Banks can also seal your locker if users do not sign the agreement within the stipulated time frame. If this happens, you may have to face a lot of trouble to get the contents of your locker.
Banks are getting strict
Some banks are now seeking permission from the RBI and the government to send final notices to non-compliant customers and seal lockers if needed.
Demand to extend the deadline
Banks have asked RBI to extend the deadline of March 2024 to December 2025. Banks say that customers should be given at least 4 months of additional time. RBI had instructed banks to sign new agreements by January 1, 2023. But due to lack of adequate information from the banks and customers not completing the process, the deadline has been extended twice. In which the deadline has been extended for the first time till December 2023 and for the second time till March 2024.
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Despite extending the deadline twice, 10 to 20% of the customers have not yet signed the new agreement. Due to which now banks are planning to take strict steps. Banks say that they send repeated reminders to the customers, despite this they are not completing the process.
What should a bank locker holder do?
If you have not signed the new rental agreement, then first go to your bank and sign the agreement. Those who do not know whether they have signed it or not should go to their bank branch and find out whether they have to sign a new agreement or not. Information may also be available on the bank’s website or mobile app.
For the new agreement, keep KYC documents like Aadhaar, PAN, passport etc. and old documents related to the locker with you. If you have not made a nomination, then add a nominee on this occasion.
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