Bank locker: What is the difference between supplementary locker agreement and revised locker agreement?
locker agreement, so users of lockers will need to sign a new contract with their individual banks. The RBI has set December 31, 2023 deadline to execute revised locker agreements, in a staggered manner.
The revised guidelines are applicable to both new and existing safe deposit lockers and the safe custody of articles facility, as per revised RBI guidelines
You might need to sign and submit an updated locker agreement once again if you had submitted an altered bank locker agreement on or before December 31, 2022.
If you are new locker holder or already own a locker, here are some of the agreements every locker holder must know, according to the Bank of Maharashtra website.
What is Locker Agreement?
Latest bank locker charges of HDFC Bank, ICICI Bank, SBI, Yes Bank, Canara Bank
At the time of allotment of the locker to a customer, the bank enters into duly stamped agreement with the customer.
What is Model Locker Agreement?
As per the RBI guidelines dated August 18, 2021 banks were required to adopt new Model Locker agreement introduced by IBA and renew their locker agreements with existing locker customers by January 1, 2023. However same was kept on hold by RBI vide revised instruction dated January 23, 2023 and advised IBA to revised Model Locker Agreement.
What is the difference between supplementary locker agreement and revised locker agreement?
(a) Model Supplementary Safe Deposit Locker agreement.
To be used where the locker agreement based on the earlier Model Locker agreement is already obtained.
(b) Model Revised Safe Deposit Locker Agreement.
To be used where the Locker Agreement based on the earlier Model Safe Deposit Locker Agreement is yet to be obtained.
What is the new locker agreement
