Bank locker: New locker rules: Banks need to provide new locker agreement to customers by January 1, 2023 | Popgen Tech


Bank locker customers must ensure that they have signed a new locker agreement that will be effective from January 1, 2023. Banks like Punjab National Bank (PNB) are sending SMSes to customers notifying them of the same .

According to the message received by PNB clients, “According to the RBI Guidelines, the New Locker Agreement must be executed before 31.12.2022. Please ensure if not done before – Team PNB.”

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New locker agreement as of January 1, 2023

If you had a locker or are planning to rent one to store your valuables in bank lockers, then you should be aware of the new bank locker rules set by the Reserve Bank of India (RBI ) which came into effect on January 1, 2022. The RBI announced the new guidelines through a notification on August 8, 2021.

While banks will begin implementing operating standards on January 1, 2022, safe deposit locker holders will have to execute a new locker agreement with the bank in order to be eligible for the new pay.

Banks are free to use the model locker agreement drafted by the IBA. According to the RBI notification, this arrangement must be in compliance with the updated instructions as well as with the directives of the Supreme Court in this regard.

According to the notification of the Reserve Bank of India’s revised instructions, “Banks should ensure that any unfair terms or conditions are not incorporated in their locker agreements. Furthermore, the terms of the contract should not be more onerous than necessary in the normal course of business to safeguard the bank’s interests. Banks must renew their locker agreements with existing locker customers by January 1, 2023.”

What is Locker Agreement

According to the locker agreement policy of PNB, “At the time of allocating the locker to a customer, the bank must enter into an agreement with the customer that the locker facility will be given to him, on a printed paper as it should be. A copy of the locker agreement in duplicate signed by both parties must be given to the locker tenant to know his/her rights and responsibilities. The Original Agreement must be kept with the bank branch where the locker is located”

Here are some of the new locker rules that went into effect on January 1, 2022.

SMS and email alerts on locker access and operation

Before the end of the day, banks must send an email and SMS alert to the customer’s registered email address and mobile number as confirmation, informing them of the date, time, and potential recourse in the case of unauthorized access to the locker.

When the bank will compensate the customers

Banks will be eligible to pay in case of any loss of locker contents resulting from the bank’s negligence, as per the new RBI standards.

The RBI notification says: “It is the responsibility of the banks to take all steps for the safety and security of the premises in which the safe deposit cases are located. It has the responsibility to ensure that accidents like fire, theft/burglary/robbery, Building collapse does not happen in the bank’s building due to its own shortcomings, negligence and by any act of omission/commission Whereas banks cannot pretend that they have not assume no responsibility towards their customers for the loss of the contents of the locker, in cases where loss of the contents of the locker is due to incidents mentioned above or attributable to fraud committed by its employee(s) , the liability of the banks shall be for an amount equivalent to one hundred times the prevailing annual rent of the safe deposit locker.”

6 important bank cabinet rules that came into effect in 2022

New rules

Customers who want to secure their assets can hire lockers from banks. It is a service that you can purchase for a fee. The rules for the use of bank lockers are released and updated regularly by the Reserve Bank of India (RBI). In January 2022, it underwent a review that affected the rules and regulations of the bank cabinets.

When the bank will not compensate

The bank will not be responsible for any damage or loss of locker contents caused by natural disasters or acts of God such as earthquakes, floods, lightning, or thunderstorms, or any act attributable to the sole fault or negligence of the client, according to the revised guidelines. Banks, on the other hand, should take reasonable precautions with their locker systems to secure their facilities from such disasters.

Banks will continue to accept term deposits in order to collect locker rent

In banks, it is common practice to obtain a deposit with a term much higher than that required to recover the annual rental of the locker. The new guideline clarifies his position.

“To ensure the prompt payment of the locker rent, the banks are allowed to obtain a Term Deposit, at the time of allocation, which covers three years’ rent and the charges to open the locker in case of ‘ such eventuality. Banks, however, should not insist on such Term Deposits from the existing locker holders or from those who have a satisfactory operating account. The packaging of a locker facility allocation with the placement of term deposits beyond what is specifically permitted above will be considered.

Transfer of content if the account holder dies

If the sole lessee of the locker nominates an individual to receive the contents of the locker in the event of his death, banks must give that nominee access to the locker with the freedom to remove the contents after an inventory is made in the prescribed manner, after verifying the death certificate and satisfying the identity and genuineness of such individual approached.

If the locker was leased together with instructions to operate it under joint signatures and the lessees of the locker nominate any other individual(s), the bank shall grant access to the locker and freedom to remove the content jointly to the survivors. ) and the nominated person(s) after an inventory has been made in the prescribed manner in the event of the death of any of the lockers being rented.


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