Customers Should Create New Bank Locker Deal Before New Year – Punekar News | Popgen Tech


Pune, December 15, 2022: Bank locker customers should ensure they have a new locker agreement before January 1, 2023, reported the Economic Times. Customers are receiving SMS notifications from banks, such as Punjab National Bank (PNB), alerting them to the same.

PNB customers were informed through a message that the new “Locker Agreement needs to be completed before 31.12.2022 according to the RBI Guidelines. Please check if not already done – Team PNB.”

Citizens should be aware of the new regulations on bank lockers established by the Reserve Bank of India (RBI), which came into force on 1 January 1 2022, if they have rented a locker or have thinking of renting one to store valuables. On 8 August 2021, the RBI published a notification announcing the new rules.

On January 1, 2022, banks began to apply operating standards; however, to be eligible for the new pay, safe deposit locker owners must sign a new locker agreement with the bank.

Banks are free to utilize the sample locker agreement created by the IBA. The RBI announcement says that this arrangement should adhere to both the Supreme Court orders and the amended guidelines.

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