The State Bank of India (SBI) has announced significant changes to the rules governing bank lockers, impacting millions of customers across the country.
In an official tweet, SBI has urged all customers who hold lockers with the bank to take note of the upcoming changes, which will come into effect on June 30.
According to the bank’s advisory, locker holders are requested to sign the revised locker agreement by June 30, 2023.
SBI has been consistently issuing advisories in recent days to ensure customers are aware of this requirement.
In their tweet, SBI emphasized the importance of promptly signing the locker agreement. Customers are advised to visit their respective branches to settle the revised agreement.
Even if customers have already signed the updated agreement, they are still required to execute a supplementary agreement.
Similar to SBI, Bank of Baroda has also urged its customers to sign the revised locker agreements before the specified date.
Reserve Bank of India (RBI) Appeals to Customers
The Reserve Bank of India (RBI) has issued an appeal to all customers regarding the locker rules.
In a circular issued on January 23, 2023, RBI mandated that banks provide information on locker rules and agreements.
Banks are required to revise 50 percent of customer agreements by June 30 and 75 percent by September 30.
Compensation for Customers
Under the revised rules, customers will be eligible for compensation in case of incidents such as fire, theft, burglary.
robbery, or any negligence on the part of the bank or its employees. The compensation will be equivalent to 100 times the annual rent of the locker.
These changes aim to enhance customer protection and ensure a transparent and secure banking experience for all.
Customers are encouraged to take the necessary steps and comply with the revised locker agreement by June 30, 2023, to avoid any inconvenience.
