Banks generally provide lockers to keep their customers’ assets like jewelry, FT papers etc. more secure. Banks often publish many rules for customers, now they have also published some rules for lockers. Locker rules are going to change in banks from January 1, 2023, customers will have to sign a locker agreement with banks. In a message to its customers regarding the locker agreement, Punjab National Bank said that as per RBI guidelines, the new locker agreement will be implemented before December 31, 2022 and those who have not done so should do so immediately.
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Banks using lockers will have to sign a renewal agreement before January 1, 2023. According to RBI, banks will ensure that no unfair terms or conditions are incorporated in their locker agreements. The terms of the contract should protect the interests of the business. It also said banks will have to renew their locker contracts with locker customers by January 1, 2023.
Generally when banks issue a locker to a customer, they enter into an agreement with the customer on a stamp paper. A copy of the signed agreement is provided to customers using the locker. And the original copy of the agreement shall be kept safely in that particular bank branch in a locker.
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