New Bank Locker Rules from 1st Jan 2023; Check Important Guidelines for Locker Renters

Customers can deposit assets such as jewellery and FD papers in more secure bank lockers. Customers must, however, follow certain guidelines in order to use bank lockers at various banks. With the new rules, which go into effect on January 1, 2023, you will need to sign a locker agreement with the banks.

Banks such as Punjab National Bank (PNB) are informing their customers about the locker agreement. “The new locker agreement must be signed by December 31, 2022, according to RBI guidelines,” according to a PNB notification sent to customers. If not already done, Team PNB requests confirmation.

RBI announced revised rules on August 8, 2021, and they took effect on January 1, 2022. Owners of lockers must show that they are qualified for a new locker arrangement and sign a renewal contract before January 1, 2023.

The updated RBI guidelines state that “Banks shall ensure that no unfair terms or conditions are included in their locker agreements.” Additionally, in order to protect the bank’s interests, the contract’s terms cannot be any more onerous than what is typically necessary for regular business operations. Banks must extend locker contracts with current customers by January 1, 2023.

When a customer receives a locker, the bank and the customer sign a stamp paper agreement in accordance with PNB’s policy on locker agreements. The person renting the storage is given a copy of the agreed-upon storage agreement so they are aware of their restrictions. The original contract is kept in the customer’s locker at the bank.