If you are one of the many people who rent a locker in a bank to store jewellery, documents, or other valuables, it’s important for you to pay attention to the new rules issued by the Reserve Bank of India (RBI). In recent years, RBI has updated the guidelines related to safe deposit lockers, and one of the key requirements is the signing of a revised locker agreement.
Many customers have still not completed this step, and failure to do so could lead to serious consequences — including suspension or even sealing of the locker.
What the New Locker Rules Mean for You
The RBI’s new rules make it mandatory for every bank customer using a locker to sign a fresh agreement with the bank. This is not just paperwork — it directly impacts the security and legality of your locker access.
If a customer does not sign this renewed agreement, the bank has the right to restrict access to the locker or even seal it. Recent reports reveal that nearly 20% of locker holders have yet to comply, ignoring multiple reminders sent out by banks.
The updated agreement also protects customers in the event of a dispute. For example, if the bank fails to safeguard valuables stored in the locker, the customer has the right to take legal action. At the same time, banks are permitted to act against customers who do not adhere to these updated rules.
Banks Begin Sending Final Notices
Banks across the country have already started issuing reminders and notices urging customers to sign the new locker agreements. Initially, RBI had asked banks to ensure full compliance by January 2023, but the deadline was extended first to December 2023, and then to March 2024.
Even with this extra time, many customers did not cooperate. Some were unaware, while others delayed the process due to ongoing disputes. Because of this, banks are now seeking permission from the RBI to suspend locker access for defaulters or even seal them with valuables inside.
In fact, many banks are requesting an extension until December 2025 to complete the process smoothly. Until then, notices and warnings will continue to be issued to negligent customers.
