Bank Locker Rules: If you haven’t signed the new locker agreement yet, visit your bank as soon as possible. Otherwise, your locker could be sealed.
Bank Locker Alert: If you use a bank locker, go to your bank immediately. The Reserve Bank of India (RBI) has introduced new rules regarding bank lockers.
According to these rules, all existing locker holders must sign a new rental agreement.
If you don’t complete this process, your bank locker may be sealed. So, if you haven’t signed the updated locker agreement yet, do it soon to avoid any issues.
What is the issue?
In August 2021, the RBI changed the locker rules to ensure customer safety and make processes more transparent.
According to these rules, customers who took lockers before January 2023 must sign a new locker agreement.
However, many people couldn’t finish this in time. So, RBI extended the deadline — first from January 2023 to December 2023, and then to March 2024.
As many customers are still left, banks have asked the RBI and the Finance Ministry to extend the deadline again to December 2025.
What does the new agreement say?
Limited bank responsibility: If there is damage due to theft, fire, or natural disasters, the bank will not be fully responsible.
Details about locker rent, usage, and complaint resolution are clearly written.
The bank must also explain all terms and conditions of the locker service to customers.
Stamp Paper: The agreement must be signed on non-judicial stamp paper.
Who needs to sign the new agreement?
Customers who took lockers before January 2023
Joint locker holders
Nominee should be added
Those renewing or shifting lockers to another branch
NRI and senior citizens, who may find it hard to visit the bank or arrange stamp paper, have been given special support.
How to check if you’ve signed it?
If you’re not sure whether you’ve signed the new agreement, visit your bank branch and ask. If you haven’t signed it, do so immediately.
Also, if you haven’t added a nominee, make sure to add one. This will help avoid legal issues later.
Which documents are needed?
PAN card
Aadhaar card
Passport (if available)
Old locker agreement or related papers
