Using SBI Bank Locker? Finish This Important Locker-Related Work Before June 30 To Avoid Inconvenience

SBI Alert: If you use the locker facility in the bank, then this news is for you. Customers with lockers in different banks will have to sign the revised locker agreements by June 30.  After the release of new bank locker rules by RBI, all the banks have started renewing locker agreements with their customers.

Banks were asked by the central bank to modify all locker agreements with customers in accordance with new rules from January 1, 2023. However, according to the press release issued on January 23, 2023, the deadline for banks to finish the renewal procedure in stages has been extended to December 31, 2023. Under this, up to 50% work should be done by June 30, 2023, while 75% work should be completed by September 30, 2023. Thus, the first instalment of the renewal of 50% of the contracts is June 30, 2023.

Updating its customers, on Monday, the state-owned lender State Bank of India said, “We request our esteemed customers to contact their locker holding branch and execute the revised/supplementary locker agreement as applicable."

“Bank has issued a revised/supplementary locker agreement incorporating the customer’s rights. Customers availing locker facilities from SBI are requested to contact their locker holding branch and execute the revised/supplementary locker agreement as applicable,” said the statement.

In view of various developments in the area of banking and technology, the nature of consumer grievances and also the feedback received, in August 2021, RBI asked banks to enter into revised agreements with the existing locker holders by January 1, 2023.

What has changed in the bank locker rules?

• The RBI has asked banks to bear the cost of the stamp paper for the revised agreements.
• In case Government agencies approach the Bank for attachment or seizure of the locker, the bank should intimate the same to the customer via email, letter or SMS.
• In case of incidents like fire, theft, burglary, dacoity, building collapse, negligence by the bank, or fraudulent activity by the employees of the bank, Customers can get up to 100 times the bank charges.
• Banks have been allowed to obtain a Term Deposit (fixed deposit) covering three years’ rent along with the charges at the time of allotment. This suggests, if you are going to open a locker account, the bank can ask you to open a term deposit covering three years of rent and charges of the locker.