Bank lockers customers should renew agreement with bank by January 1 2023: All you should know

New Delhi, Dec 29: The Reserve Bank of India has asked all banks to renew their agreements with their customers who have locker facility by January 1 2023.

If you have a locker then you will need to furnish fresh proof of eligibility for a locker agreement with the bank and sign the agreement paper again, the RBI has said. Here is an explainer on what you must do to renew the locker agreement and what the banks are meant to do.

According to the RBI rules banks can use the model locker agreement drafted by the Indian Banks Association and it should comply with the updated RBI instructions and the directives of the Supreme Court. The bank and the customer can enter into an agreement on stamp paper.

Here is a quick look of the RBI's revised guidelines on lockers:

• All banks need to circulate a new locker agreement to their safe deposit locker holders under the new rules.
• Banks shall renew their locker agreements with existing locker customers by January 1, 2023.
• Banks shall ensure that any unfair terms or conditions are not incorporated into the locker agreements.
• The terms of the contract shall not be more onerous than required in the ordinary course of business to safeguard the interest of the ban.
• All lenders can use the IBA drafted model locker agreement
• Bank customers can up to 100 times the bank charges if the valuable stores in the lockers are robbed or destroyed due to fire or building collapse.
• All banks shall mandatorily install CCTV to monitor the locker rooms.
• Banks should send an SMS and e-mail every time a customer access the locker
• Banks can now demand a term deposit at the time of the allocation of a locker which would taken as the rent for three years.
• The bank can however not insist on such a term deposit from those who have existing lockers.