Bank Locker Agreement Renewal: Locker makes bank agreement with the customer. A copy of this Agreement on paper duly stamped and signed by both the parties is given to the Locker Hirer for his/her rights and responsibilities.
New Delhi: If you use State Bank of India’s locker ( SBI Locker Alert), then you should complete your locker agreement renewal immediately. For this, SBI is requesting its locker customers to contact their locker holding branch and settle the applicable revised or supplementary locker agreement.
If you had submitted a changed Bank Locker Agreement on or before December 31, 2022, then the locker holders need to sign and submit an updated Locker Agreement again. Banks are sending alert messages to such customers.
The official Twitter account of SBI tweeted that the bank has issued a revised or supplementary locker agreement incorporating the rights of the customer. Customers availing locker facilities from SBI are requested to approach their locker holding branch and get the Revised Locker Agreement executed as applicable.
The Reserve Bank of India (RBI) urged banks to ensure that the locker agreements filed were based on the updated model agreements, which were examined by the Indian Banks’ Association (IBA), as per the RBI circular dated January 23, 2023.
Banks are advised to inform all their customers about the revised requirements by April 30, 2023 and ensure that at least 50% and 75% of their existing customers revise by June 30 and September 30, 2023 respectively. Complete the agreement.
Why bank locker agreement is necessary
According to the Punjab National Bank Locker Agreement Policy (Bank Locker Policy 2023), while giving the locker to the customer, the bank enters into an agreement with that customer. A copy of this Agreement on paper duly stamped and signed by both the parties is given to the Locker Hirer for his/her rights and responsibilities. Whereas, the original copy of the agreement remains with the branch of the bank where the locker facility is given to the customer.
