If you are a customer of State Bank of India (SBI) and use bank locker, then you must have got information about changes in bank rules in the last few days. As per the new bank locker rules, you will need to sign a new bank locker agreement. RBI has extended the deadline for all banks to complete the process of renewal of locker agreements in a phased manner till December 31, 2023. months away. In the second phase for banks, 75 percent of the agreements are to be renewed by September 30, 2023.

Customers having lockers at bank branches will have to sign the revised locker agreement by June 30, 2023. Several banks, including SBI, are encouraging customers having lockers at their branches to sign the revised bank locker agreement by June 30, 2023.

The Supreme Court had given this direction to the RBI

In February 2021, the Supreme Court (SC) directed the RBI to finalize the locker management regulations within 6 months from the date of the order. The RBI complied with the order in August 2021, issuing a circular requiring banks to have board-approved agreements for lockers. Banks may adopt the model locker agreement prepared by the Indian Banks’ Association (IBA).

The agreement incorporating the new rules for new locker customers came into effect on January 1, 2022, but for existing customers, banks had to complete the process by January 1, 2023. Just before the January 1 deadline, the RBI and banks realized that a large number of customers had not yet signed the revised agreements. In fact, many banks did not even alert their customers about the need to sign the revised agreement by January 1.

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RBI extended the deadline

RBI has decided to extend the deadline for banks to complete the process for existing safe deposit locker customers in a phased manner till December 31, 2023, so that even those customers who have not signed the revised bank locker agreement by December 31, 2023 done, can complete the signing process by 2023.

Alert for locker access

Register your email ID and mobile number with the bank. The Bank will send an email and SMS alert informing the date and time of locker operation. Banks shall also provide prevention mechanism for unauthorized locker access.

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Compensation in case of theft, fire

You should note that it is the responsibility of the banks to take all steps for the safety and security of the bank in which the safe deposit vaults are contained. In case of incidents like fire, theft, burglary, robbery, dacoity, building collapse, negligence by the bank, or fraudulent activity by its employees, the bank has to pay compensation to the locker holder. The liability of the bank will be equal to 100 times the current annual rent of the safe deposit locker.

In this situation the bank will not be responsible

The Bank shall not be responsible for any loss or damage to the contents of the Locker due to rain, flood, earthquake, lightning, civil commotion, riots, terrorist attack or customer’s negligence.

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