Reserve Bank Of India has stated that bank account holders who own lockers must renew their locker agreement by 31 December 2023.
As per the RBI Guidelines Dated August 2021, the banks need to adopt the new model locker agreement issued by the IBA.
Under the new rules, these lockers can be used for legitimate purposes like storing gold, documents, etc.
Under this new agreement, you cannot store currency, cash, arms, or hazardous material. The bank may inspect the locker if it is found suspected.
So, those who have submitted their locker agreement on or before December 31, 2022, must sign this new agreement.
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Anyone who fails to submit the revised locker agreement will not be allowed to access their lockers, which may lead to supplementary charges.
To ease the renewal process, the RBI has directed that banks keep stamp papers, so that customers don’t need to search for them.
This process can also be done digitally by providing an e-stamp to the customer, which can eliminate the in-person reporting of the customer.