Bank Locker: If you use a bank locker, go to your bank branch immediately. RBI (Reserve Bank of India) has implemented new rules for bank lockers, under which all existing locker holders are required to sign a new updated rental agreement. If you do not sign it, your bank locker can be sealed. You need to contact your bank as soon as possible-

What is the whole matter?

RBI changed the bank locker rules in August 2021 to ensure the safety of customers and make transactions more transparent. Under these rules, customers who have taken a locker before January 2023 are required to sign a new locker agreement.

RBI had first extended the deadline to January 2023, then December 2023, and finally, March 2024 to update the bank locker agreement. However, lakhs of customers have still not been able to complete this process. Given this, banks have asked RBI and the Ministry of Finance to extend the deadline till December 2025, so that customers get enough time and they can update their locker agreement.

What is written in the new agreement?

Limited responsibility of the bank: If the locker is damaged due to theft, fire, or natural disaster, the bank will not be fully responsible. The locker rent, rules of use, and complaint redressal process are clearly stated. Also, the bank has to explain all the terms related to the locker service to the customer.

Stamp paper: The agreement has to be signed on non-judicial stamp paper.

Who all have to sign?

- Customers taking locker before January 2023

- Joint locker holders

- Nominee should be added.

- Renewal of locker or shifting branch.

NRI and senior citizen customers may have trouble getting stamp paper or reaching the bank branch, so special facilities have been provided for them.

How to know whether you have signed the agreement or not?

If you are not sure whether you have signed a new agreement or not, then go to your bank branch and get information. If you have not done it, then complete the process immediately. Also, if you have not added a nominee yet, then definitely add that too. This can avoid any legal problems in future.

Which documents will be required?

PAN card

Aadhaar card

Passport (if available)

Old locker agreement or related document

Disclaimer: This content has been sourced and edited from Hr Breaking. While we have made modifications for clarity and presentation, the original content belongs to its respective authors and website.