SBI Bank Locker Rules: Bank locker customers should do this work immediately before this date, otherwise…


SBI Bank Locker Rules: If you have a locker in State Bank of India, then this news is useful for you. Because the bank through advisory is appealing to the locker holders on the internet to sign the revised locker agreement by June 30, 2023.

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For the past few days, the bank has been continuously sending messages to its customers to sign the updated locker agreement. SBI’s message read, “Dear Customer, Please visit your branch for settlement of the revised locker agreement. If you have already signed the updated agreement, you still need to execute the supplementary agreement.” Apart from this, Bank of Baroda is also asking its customers to sign revised locker agreements by the due date.

RBI had issued circular

In fact, the Reserve Bank of India had issued a circular on January 23, 2023 to protect the interests of the customers. According to this circular, banks will have to notify customers about renewal of locker agreements by April 30, 2023, as well as ensure that 50 percent of customer agreements are revised by June 30 and 75 percent by September 30. Therefore, if this date is near, banks can ask customers to renew their contracts.

As per the amended locker rules, banks will have to pay compensation in case of incidents related to fire, theft, burglary, robbery, dacoity, building collapse, negligence by the bank, or fraudulent activity by its employees and equal to 100 times the annual rent of the locker Will be

If the customer surrenders the locker and the rent is paid in advance, the bank will have to refund the proportionate amount. But even if the rent is being paid regularly and the locker remains inactive for 7 years. Other guidelines also include that the agreement should be on stamp paper, which banks have to provide customers with a copy of the agreement free of cost.

At the time of allotment of lockers, RBI has permitted banks to obtain fixed deposits (FDs) to cover 3 years’ rent. This will also include locker breaking charges if required. It is necessary to register your email ID and mobile number with the bank to inform the banks about the locker operation activities.

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