Bank Locker Agreement Rules: RBI issued guidelines to banks! Bank locker agreement rules will be changed again


here is a possibility of change in bank locker rules again and customers may have to sign new locker agreement again. Actually, RBI has instructed the banks whether the existing bank locker agreements are as per the revised model agreement reviewed by the Indian Banks’ Association (IBA). In such a situation, banks can issue a date to the customers to sign the bank locker agreement again.

According to the Punjab National Bank Locker Agreement Policy, while providing a locker to any customer, the bank enters into an agreement with that customer. Under this Agreement, a copy of the Locker Agreement signed by both the parties on a paper duly stamped is given to the Locker Hirer to know his/her rights and responsibilities. Whereas, the original copy of the agreement remains with the branch of the bank where the locker facility is given to the customer.

If you have already submitted a revised Bank Locker Agreement on or before December 31, 2022, it is likely that you will have to re-sign and submit the revised locker agreement. This is because the Reserve Bank of India (RBI) has asked banks to ensure that the deposit locker agreements are based on the revised model agreement of the Indian Banks’ Association (IBA).

Releasing the circular, RBI said that many banks had not mentioned the compensation policy or liability of banks in certain cases like fire, theft or burglary in the newly amended bank locker agreement. RBI’s notification dated 18 August 2021 states that wherever the customer suffers loss due to the negligence of the banks, the banks are liable to pay compensation 100 times the prevailing annual locker rent. However, banks are not liable to pay compensation due to natural calamities or acts of God like earthquakes or floods.

Mukesh Chand, Senior Advocate, Economic Law Practice, said that with regard to the new agreement to the customers who already have a locker agreement following the RBI guidelines of August 2021, the RBI has clarified that the bank has no right to issue new agreements or modify the earlier agreements. There is an option to modify. He said that the customers will have to approach their bank branch and complete the formalities as per the revised agreement.