The Reserve Bank of India (RBI) released revised instructions for the bank safe deposit lockers on August 18, 2021, which required banks to sign revised agreements with current locker holders by January 1, 2023. However, the RBI extended the date to sign the revised locker agreements as a number of customers failed to sign the revised agreement. The revised guidelines are applicable to both new and existing safe deposit lockers and the safe custody of articles facility, as per revised RBI guidelines.
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You might need to sign and submit an updated locker agreement once again if you had submitted a bank locker agreement on or before December 31, 2022.The last date to sign the revised locker agreement is December 31, 2023. According to the RBI press release dated January 23, 2023, “it has been decided to extend the deadline for banks to complete the process of renewal of agreements for the existing safe deposit lockers in a phased manner by December 31, 2023, with intermediate milestones of 50 per cent by June 30, 2023, and 75 per cent by September 30, 2023. Further, banks have been advised to make necessary arrangements to facilitate execution of the revised agreements by ensuring the availability of stamp papers, etc.”Banks were asked to notify all their customers of the revised requirements by April 30, 2023 and ensure that at least 50 per cent and 75 per cent of their existing customers have executed the revised agreements by June 30 and September 30, 2023 respectively.
According to the RBI, banks are incharge to facilitate execution of the fresh/supplementary stamped agreements with their customers by taking measures such as arranging stamp papers, franking, electronic execution of agreement, e-stamping, etc. and provide a copy of the executed agreement to the customer.
As per the new regulation, the customer will agree not to use the locker for any unlawful purposes or to store any illicit goods, illegal items, or dangerous materials within. According to the SBI revised locker agreement, “The Customer shall not use the Locker for any illegal activity or keep anything illegal/ contraband or any hazardous substance in the Locker. In the event the Bank suspects the deposit of any illegal/ contraband or hazardous substance by the Customer in the Locker, the Customer agrees and acknowledges that the Bank shall have the right to take such appropriate action against the Customer including opening of the Locker subject to compliance of legal formalities in this regard, termination of the right to use the Locker or termination of this Agreement as it deems fit. The rights of the Bank in this regard shall not be limited and the Bank shall be entitled to take all such actions as may be permitted by law.”
