The RBI has enforced a phased renewal procedure for bank locker agreements to be completed by Dec 31 of this year. Account holders who have submitted a bank locker agreement on or before Dec 31, 2022, are required to endorse a revised agreement and submit it to their respective bank branches.
The RBI has implemented new rules for safe deposit lockers, requiring customers to sign a new agreement and maintain rental payments. Compliance deadline is December 31, 2023.