Bank Locker Agreement: If new agreement is not signed by December 31, then goods may be seized! Know what to do now
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Bank Locker Agreement: Reserve Bank of India had instructed other banks to update the locker agreements. The last date for renewing the locker rental agreement was fixed as 31 December 2023. According to the information given by the apex bank, still about 20 percent people have not renewed their bank locker agreement. Earlier, the last date for renewing the agreement by the bank was December 31, 2022. But later it was extended for one year. According to media reports, if you have not yet renewed your bank locker agreement, your locker may get frozen. There is a bank holiday on 31st December as it is Sunday. But if you have not yet renewed your agreement, then there is no need to panic. In this we tell you what you can do.
What to do if the agreement is not renewed?
RBI had said that customers who fail to renew the agreement before the deadline may face restrictions as banks may deny access to the locker and impose supplementary charges. In its January 2023 circular, the RBI said it is important for customers to complete the process before the December 31, 2023 deadline to avoid having their bank lockers frozen. According to a Times of India report, banks said that most have completed the formalities, but 10-20% customers are still yet to complete the paperwork. A Union Bank spokesperson told TOI that 80% of customers have renewed the new locker agreement. On the other hand, Canara Bank said that more than 90% of its customers have signed the locker agreement. Whereas for Bank of Baroda this number was 81%. In such a situation, if you have still not signed the new agreement of the bank locker, then there is no need to panic. You can sign your agreement on January 1, 2024. However, banks may charge you some charges for this, which was earlier free.
Why is the bank getting a new agreement done?
The Reserve Bank of India (RBI) had made new rules for bank safe deposit lockers in 2021 in response to a Supreme Court order. The order asked RBI to redefine the responsibilities and liabilities of banks and their locker users. The newly made rules include several amendments related to the responsibility of the bank towards the locker users. Under a bank locker agreement, the bank is responsible to some extent for the loss of its customers’ belongings. If you do not renew the agreement, you will not get compensation in case of loss of goods.
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