New Bank locker rules from Jan 1, 2023; Check important guidelines for locker renters

Banks provide locker options to customers to deposit their assets like jewellery, gold, more.

New Delhi: Banks provide locker options to customers to deposit their assets like jewellery, FD papers, more safe and securely. However, there are some rules that customers need to follow in order to utilize bank lockers in different banks. The locker rules are going to change from January 1, 2023 and you will have to sign the locker agreement with the banks with the effective date. Customers are receiving alerts and messages from banks like Punjab National Bank (PNB) regarding the locker agreement. The notification issued to consumers by PNB, says: "As per RBI guidelines, the new locker agreement is to be executed before December 31, 2022. Please confirm if not already done – Team PNB."

RBI had announced revised guidelines on August 8, 2021, which became effective from January 1, 2022. Locker owners must now display their eligibility for a new locker arrangement and sign a renewal agreement prior to January 1, 2023.

As per RBI's revised guidelines, "Banks shall ensure that any unfair terms or conditions are not incorporated in their locker agreements. Further, the terms of the contract shall not be more onerous than required in the ordinary course of business to safeguard the interests of the bank. Banks shall renew their locker agreements with existing locker customers by January 1, 2023".

When a customer is provided a locker, the bank and the customer in question enter into an agreement on a stamp paper, in accordance with PNB's policy on locker agreements. A copy of the signed locker agreement is given to the person renting the locker so they are informed of their rights and responsibilities. The original copy of the contract is kept at the bank branch where the customer gets a locker.