Bank Lockers

Aurm, a Bengaluru-based firm brings technology equipped lockers to gated societies, offering 24/7 access, military-grade security, and even insurance coverage

Under the RBI guidelines for banks, revised locker agreements, defining responsibilities and liabilities, must be signed and submitted to the bank branch by account holders before December 31, 2023.

The Reserve Bank of India (RBI) has asked banks to sign an updated agreement with bank locker holders citing developments in banking and technology, consumer grievances, and feedback

Do not keep cash in the locker as the agreement with the bank prohibits it

When a customer approaches Branch for locker, as per extant guidelines, KYC formalities are required to be adhered.

Banks are already repeatedly releasing advisories to customers and urging locker holders to sign their revised contracts by June 30.

A bank official said that both the government and the RBI have stated that money should not be accumulated in the depositor education and awareness fund

New locker rules: Now, the relationship between a bank and a customer has become that of a lessor and a lessee

RBI has asked them to complete work in phases with intermediate milestones of 50% by June 30, 75% by Sept 30

The RBI on Monday extended the time till December-end for banks to enter into revised agreements with safe deposit locker holders as a large number of customers are yet to do so. In August, 2021 the Reserve Bank of India (RBI) had asked banks to enter into revised agreements with the existing locker holders by January 1, 2023 in view of various developments in the area of banking and technology, nature of consumer grievances and also the feedback received. "However, it has come to the notice of RBI that a large number of customers are yet to sign the revised agreement. "In many cases, the banks are yet to inform the customers about the need to do so before the stipulated date (January 1, 2023)," the central bank said in a statement while extending 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. Banks have been asked to notify all their customers of the revised requirements by Apr

People have also complained about the divergence in the value of the stamp paper required for agreement renewal

The Reserve Bank of India regularly updates rules for improving the safety and convenience of the bank customers. These are the Bank locker rules that everyone should know.

The theft came to light on March 14, when Manju Bhattacharya, one of the customers, checked her locker but found her valuables missing.

Your bank will bear limited liability for the contents of your locker, so buy insurance

Under new norms, the liability of banks will be limited to 100 times its annual rent in case of fire, theft, building collapse or frauds by bank employees

As per the revised guidelines, banks will be required to incorporate a clause in the locker agreement prohibiting the hirer from keeping anything illegal or hazardous in lockers

Prudence over choice of bank, a detailed item inventory are a few of the ways