Bank Locker Agreement Renewal Last Date 2023: The Reserve Bank of India has extended the last date for renewal of bank locker agreements by existing customers to December 31, 2023. The decision has been taken in view of the difficulties faced by customers in renewing their agreements by January 1.
RBI found that not only customers were facing difficulty in renewing their contracts but many banks are yet to inform customers about the need for the renewal of locker agreements. There is also a need to revise the Model Agreement drafted by the Indian Banking Association (IBA).
New Deadlines for Bank Locker Agreement Renewal
- The RBI has set 31st December 2023, as the new last date for renewal of bank locker agreements by customers.
- The RBI said that banks should notify all their customers about the revised requirements by 30 April 2023 and ensure that at least 50% and 75% of their customers have renewed their agreements by June 30 and September 30 respectively.
- RBI has also advised IBA to review and revise the Model Agreement and circulate the revised version to all banks by February 28.
Also Read: Is Fixed Deposit account opening mandatory to cover locker charges?
What RBI said
“…banks were required to renew their locker agreements with existing locker customers by January 1, 2023. However, it has come to the notice of the Reserve Bank that large number of customers are yet to execute the revised agreement and are facing difficulties in doing the same. In many cases, the banks are yet to inform the customers about the need for renewal of agreements before January 1, 2023. Further, there is a need for revision in the Model Agreement drafted by the Indian Banks’ Association (IBA) to fully comply with the revised instructions,” RBI said in a circular dated January 23, 2023.
Also Read: Putting valuables in a bank locker? Consider these things carefully
“Considering the above aspects, the deadline for banks is being extended in a phased manner to December 31, 2023. Banks are advised to notify all their customers of the revised requirements by April 30, 2023 and ensure that at least 50 per cent and 75 per cent of their existing customers have executed the revised agreements by June 30 and September 30, 2023 respectively. Banks shall report the status of compliance with these instructions on the DAKSH supervisory portal of the Reserve Bank on a monthly basis,” it added.
For customers whose lockers have been frozen for non-execution of an agreement by January 1, 2023, RBI has asked banks to unfreeze them with immediate effect.