Bank locker customers urged to secure their rights, sign new agreement

Many still haven't signed revised agreements complying with RBI guidelines that were announced in Aug 2021

Bank locker customers are being advised to sign revised agreements complying with the Reserve Bank of India (RBI) guidelines on rights, responsibilities and dispute resolution.

 

As many as 20 per cent of locker customers have not signed revised agreements with their banks, the Economic Times reported on Wednesday citing banking sources. It said that some public-sector banks have approached the RBI and the Finance Ministry to move the compliance deadline to December 2025, with an additional grace period.

 

What the revised agreement includes

The RBI’s guidelines, rolled out in August 2021, aim to protect bank customers’ rights through the following provisions:

 

• Clear limitation of bank liability in case of theft, fire, or natural disasters 
• Standardisation of rent terms and locker access policies 
• Defined grievance redress mechanisms for locker-related complaints 
• Mandatory disclosure of terms and annual rent to customers

 

Banks are required to execute the agreement on non-judicial stamp paper, and customers may need to visit the branch with identification and locker details.

Who needs to sign?

The updated agreement applies to:

   

• All customers with lockers allotted before January 2023 
• Joint holders and those with nominee arrangements 
• Customers renewing locker contracts or shifting branches

 

Many customers, especially non-resident Indians and senior citizens, have faced hurdles such as difficulty in procuring stamp papers or lack of access to branches.

 

Why this matters

 

The locker agreement is not just regulatory paperwork, it is a key document that secures your rights and ensures continued locker access. Customers are advised to check their compliance status with their banks and complete the process at the earliest to avoid potential disruption.