Renew bank locker before December 31 deadline: Know the process
The Reserve Bank of India (RBI) has set a deadline for banks to renew locker agreements by December 31, 2023. Customers who have submitted a bank locker agreement on or before December 31, 2022, must sign a revised agreement and submit it to their bank branches. The RBI has directed banks to help customers execute fresh or supplementary stamped agreements.
Banks' responsibilities
To facilitate the execution of these agreements, banks must arrange stamp papers, electronic execution, franking, and e-stamping. They must also provide customers with a copy of the executed agreement. When a locker is allotted, banks and customers sign an agreement, with the original kept at the branch and a duplicate given to the customer.
Safety and security measures
The RBI emphasizes that banks are responsible for ensuring the safety and security of safe deposit vault premises. They must take necessary steps to prevent incidents like fire, theft, burglary, robbery, dacoity, and building collapse due to their negligence or any act of omission/commission. Banks should also protect their locker systems from natural disasters or acts of God, such as floods, thunderstorms, earthquakes, and lightning.
Banks' liabilities
If banks are found responsible for any loss or damage to locker contents due to the incidents mentioned above or fraud committed by their employees, they will be liable for an amount equivalent to one hundred times the annual rent of the safe deposit locker. However, banks will not be liable for damages or losses arising from natural disasters or acts of God, or any act attributable to the customer's sole fault or negligence.
Bank's responsibility in case of unauthorized access
If someone tries to access your locker at the bank without permission, the bank will send you an email and text message by the end of the day. This message will confirm the date and time when the locker was accessed, along with information on how you can address the issue if needed.
How to renew a bank locker agreement?
Banks often send reminders before the renewal date. Go to your bank branch where the locker is located. Don't forget to bring along your identification and any necessary renewal documents. At the branch, you will likely need to fill out some paperwork or forms related to the renewal process. Once everything is completed and processed, you'll receive the renewed agreement for your bank locker.
