New Delhi: Customers can deposit assets like jewelry and FD papers in more secure lockers offered by banks. However, customers must adhere to certain guidelines in order to use bank lockers at various banks. You will need to sign a locker agreement with the banks with the new rules, which will take effect on January 1, 2023.
Regarding the locker agreement, banks like Punjab National Bank (PNB) are sending alerts and messages to their customers. According to the PNB notification sent to customers, ” The new locker agreement must be signed by December 31, 2022, according to RBI guidelines. Team PNB requests confirmation if not already done.
RBI had declared reexamined rules on August 8, 2021, which became compelling from January 1, 2022. Prior to January 1, 2023, locker owners are required to display their eligibility for a new locker arrangement and sign a renewal agreement.
“Banks shall ensure that any unfair terms or conditions are not incorporated in their locker agreements,” the revised RBI guidelines state. In addition, in order to safeguard the bank’s interests, the contract’s terms must not be more burdensome than is normally required in normal business operations. By January 1, 2023, banks must renew locker agreements with existing customers.
In accordance with PNB’s policy on locker agreements, when a customer receives a locker, the bank and the customer sign a stamp paper agreement. A duplicate of the consented to storage arrangement is given to the individual leasing the storage so they are educated regarding their limitations. The customer receives a locker at the bank, where the original contract is kept.
