Bank Locker Agreement Renewal 2023

Bank Locker Agreement Renewal Last Date 2023: The Reserve Bank of India has extended the last date for renewal of bank locker contracts till December 31, 2023.
The decision has been taken in view of the difficulties faced by customers in renewing their contracts by January 1.

RBI also found that various banks are yet to inform customers of the need to renew locker contracts.

Subsequently, there is a need to review the Model Agreement developed by the Indian Bankers Association (IBA).

New Deadline for Renewal of Bank Locker Agreement

• RBI has fixed December 31, 2023 as the new deadline for customers to renew their bank locker contracts.
• The RBI said banks will have to inform all customers about the revised requirements by 30 April 2023 and ensure that at least 50% and 75% of customers have renewed their contracts by 30 June and 30 September respectively.
• The RBI has also reviewed and revised the IBA model agreement and has directed it to circulate the revised version to all banks by February 28.

Earlier, banks had been asked to renew locker contracts with existing locker customers by January 1, 2023.

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