A bank bank or safe deposit box is rented by their customers’ banks to maintain their valuable goods and properties. Banks use improved security measures such as 24×7 surveillance cameras, alarms, restricted places, and more to reduce the danger of damage and stealing, and payments to customers. The Reserve Bank of India (RBI) enforces new rules for bank bank holders, where all customers must sign an updated rental agreement. If you have not signed the updated bank bank agreement, then do this immediately to avoid binding your locker.
What’s the matter?
On August 2021, the RBI asked banks to sign new hiring agreements with all holders of locker. The RBI released this directive after considering customer complaints, technical changes, and the Supreme Court instructions. So transparency and security can be improved with locker facility provided by clients.
What if you do not sign the updated locker agreement
If a bank owner is not always updated with locker agreement, their locker can be sealed as banks seek the final notices of uncomplicated customers and lockers needed.
Banks are asked to expand the deadline
In order to provide customers an additional time, banks ask the RBI to expand the deadline on March 2024 through December 2025.
The RBI ordered banks to impose new agreements on January 1, 2023. However, due to a lack of adequate information from December 2023, as of December 2024.
Despite the expansion of the deadline, some customers have not already signed new agreement.
How to check if you sign a new deal or not
If you have not signed the new deal, go to your bank and sign it. Those uncertain when they signed it should visit their bank branch to check if they need to sign a new deal or not.
Documents required for new agreement
You need KYC documents such as:
pot
Aadhaar Card
passport
Old Agreement / Document Related to Locker
Add a nominee too, if you do not
