Sign agreement with your bank and buy cover for valuables

Customers who have not yet signed the revised locker agreement with their banks should do so promptly.

- KARTHIK JEROME

They risk losing access to their lockers if they delay further.

The Reserve Bank of India (RBI) had directed banks in August 2021 to sign updated locker agreements with customers by January 1, 2023. The deadline was extended twice: first to December 31, 2023, and then to March 31, 2024. Some banks have now reportedly sought a further extension until December 2025.

Risk of access suspension

Customers may face service interruption. "The operation of the locker could be paused until the agreement is signed," says Adhil Shetty, chief executive officer (CEO), Bankbazaar.​com.

Banks cannot unilaterally vacate lockers. "But they are now seeking regulatory approval to issue a final notice to the roughly 20 per cent of customers who have not signed the new agreement. If they still do not comply, banks are asking for authorisation to seal their lockers," says Vishal Dhawan, chief financial planner, Plan Ahead Wealth Advisors.