Banks must get a revised locker agreement signed by their customers by December 31, 2023, as per the Reserve Bank of India (RBI) guidelines issued in August 2021. RBI extended the timeframe from January 1, 2023, as most banks couldn’t complete the task.

Both banks and their customers are expected to benefit from RBI’s guidelines to the Indian Bank Association (IBA). The rules apply to existing and new customers. In subsequent notifications, RBI also advised the banks to inform their customers about the new rules by April 30, 2023.

Banks were expected to implement the order in a staggered manner given the huge number of customers—50 percent by June 30, 75 percent by September 30, and 100 percent by December 31, 2023. If you haven’t yet signed the revised agreement, don’t wait for the last day.

Here’s How To Proceed

If you have taken a locker this year or before December 31, 2022, ensure that your agreement is updated. Contact your bank if it does not adhere to the revised RBI-laid locker conditions. As a locker agreement is executed on stamp paper, ask your bank to arrange it for you or get it yourself, or the bank may bear the stamp paper cost. The RBI circular states that banks may take measures such as arranging stamp papers, franking, electronic execution of agreements, e-stamping, etc. Banks must also provide a copy of the executed contract to the customer.

Under the revised bank locker rules, banks are not responsible for any damage or loss of the contents kept in the locker due to natural calamities such as floods, earthquakes, etc. However, they will be liable for any damage or loss due to negligence or incidents such as fire, theft, burglary, dacoity, or building collapse. Furthermore, any fraud by an employee will be the bank’s liability. If a bank is found responsible for the loss or damage to the locker contents, it must compensate the customer.

Those who had signed the earlier version of the model locker agreement need to sign a supplementary agreement. Those who did not sign the model locker agreement earlier must sign the revised agreement with the bank. You may contact your bank to check the details and sign the agreement required in your case before the last date.