New bank record rule FAQ

The Reserve Bank of India (RBI) has changed the bank locker rules which include providing customers with updated locker agreements. Here is an overview of the guidelines and their impact on locker users.

A new bank locker rule came into force on January 1, 2023, according to a notification from the Reserve Bank of India (RBI). Over the past few days, many lenders have been texting customers to renew their vault locker agreements. As part of this, depositors of existing lockers were required to provide proof of eligibility for a new locker agreement. Additionally, they had to sign a renewal agreement by December 31, 2022.

This mandate was part of the RBI’s updated guidelines (from August 2021) on the operation of bank lockers, and these have been in force since January 2022. The central bank had further requested banks to renew their locker agreements with existing customers by January 1. , 2023.

While some customers have received messages regarding the bank record agreement from their lenders, others say they have received no such instructions from their banks. This indeed leaves a question mark over the consequences for these locker holders, as the time limit has already passed.

It should be noted that it is not yet clear whether the date has been extended or not.

So what should customers do?

If someone has not renewed their agreement, it is best to contact the bank and update the locker agreement if necessary, said Adhil Shetty, CEO of in a conversation with

“It is also advised that they access their lockers at least once a year. Banks are allowed to open them using the protocols set out in the locker agreement. To avoid such problems, it is best to operate count at regular intervals,” Shetty told me.

What is a locker agreement and how can clients do it?

When allocating the locker to a client, the bank enters into an agreement with the client, on duly stamped paper. A copy of the locker contract in two copies signed by both parties must be provided to the locker tenant to know his rights and responsibilities. The original agreement must be kept with the bank branch where the locker is located.

How are banks responsible for the security of bank records?

In accordance with the RBI notification, it is the responsibility of banks to take all measures for the safety and security of the premises in which the safe deposit boxes are housed. He has the responsibility to ensure that incidents such as fire, theft/burglary/robbery, robbery, building collapse do not occur on the bank’s premises due to his own shortcomings, negligence and by any act omission/commission.

How can banks compensate customers in the event of damage?

In cases where the loss of the contents of the locker is due to the incidents mentioned above or attributable to fraud committed by its employee or employees, the liability of the bank is an amount equivalent to one hundred times the annual rent in force of the safe.

When are banks not liable for damages?

The bank is not responsible for any damage and/or loss of the contents of the locker resulting from natural calamities or acts of god such as earthquake, flood, lightning and thunderstorm or any act attributable to the sole fault or customer negligence.

Banks will, however, pay appropriate attention to their locker systems to protect their premises from such disasters, according to RBI.


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