From June 30, 2023, State Bank of India (SBI) will be implementing changes to its bank locker rules, impacting its crores of customers.
SBI has issued an advisory urging locker holders to sign the revised locker agreement by the specified date.
The bank has been actively informing customers about this change through various channels.
SBI has requested its customers to visit their branch and complete the process of signing the revised locker agreement.
Even if customers have already signed the updated agreement, they still need to execute the supplementary agreement.
Similarly, Bank of Baroda is also requesting its customers to sign the revised locker agreements within the given timeframe.
The Reserve Bank of India (RBI) has also issued an appeal to customers regarding the revised locker rules.
As per a circular issued on January 23, 2023, all banks are required to inform customers about the rules and agreements related to lockers.
Additionally, banks need to ensure that 50 percent of customer agreements are revised by June 30 and 75 percent by September 30.
Under the revised rules, if incidents such as fire, theft, burglary, robbery, or bank employees’ negligence occur, the bank will provide compensation.
The compensation amount will be equivalent to 100 times the annual rent of the locker.
It is important for SBI customers with locker facilities to take note of these changes and visit their branch to sign the revised locker agreement by June 30, 2023, as per the bank’s advisory.
