Renew Security, Renew Agreement: Bank locker renewal deadline on Dec 31

livemint.com:

bank locker agreements in India is December 31, 2023. This requirement pertains to all pre-existing agreements executed on or before December 31, 2022. Individuals holding such agreements are required to endorse a revised version supplied by their respective banks and ensure its submission before the specified deadline.

Nevertheless, neglecting to renew the agreement before the deadline may lead to the bank denying access to the locker and imposing supplementary charges. To streamline the renewal or initiation of new bank locker agreements, the Reserve Bank of India (RBI) has directed banks to implement several customer-friendly initiatives. The following measures are designed to eliminate obstacles and enhance the accessibility and convenience of the process.

Facilitating stamp paper procurement: Banks have the option to either supply the necessary stamp papers directly for agreement execution or establish partnerships with vendors to ensure their ready availability at branch locations. This eliminates the necessity for customers to go in search of stamp papers, ultimately saving them time and effort. Digital execution of agreements: Banks can integrate e-stamp facilities and online platforms for agreement signing.

This enables customers to digitally execute agreements from any location and at any time, eliminating the need to visit the branch in person. The purpose of this process is to renew the agreement established between banks and their customers; a document duly signed by both parties. The bank retains the original agreement at the branch where the locker is located, providing a duplicate copy to the locker holder.