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HomeFinanceBig Update for SBI Customers! Take Immediate Action, Bank Notice Release

Big Update for SBI Customers! Take Immediate Action, Bank Notice Release

SBI Bank Locker Rule: If you are a customer of the State Bank of India (SBI) and hold a bank locker, an important notice has been issued by the bank. There have been updates in the rules concerning bank lockers, and SBI has set a deadline of 30th September for implementation. Therefore, it is necessary for locker holders to update their bank locker agreement. Customers must demonstrate their eligibility for a new locker agreement and engage in the renewal process.

SBI recently communicated to its customers through a tweet, stating, “The bank has introduced a revised/supplementary locker agreement that includes customer rights. We request all customers utilizing our locker facility to contact their locker branch to initiate the required changes according to the revised/supplementary agreement.”

RBI Sets New Guidelines for Bank Lockers

The Reserve Bank of India (RBI) has introduced a set of guidelines for banks regarding bank lockers. Banks were required to provide this information by April 30th and have been instructed to implement 50% of the locker agreement changes by June 30th, and 75% by September 30th. It is mandatory for banks to share this information on the efficient supervisory portal. The RBI has implemented these rules to enhance customer security in bank locker operations, emphasizing the importance of customers renewing their agreements at the earliest for their own benefit.

What are the key changes in the bank locker rules?

Whenever a customer accesses their locker, the bank will send an alert via email and SMS. Under specific circumstances, the bank will provide compensation if:

  • The contents of the locker are damaged due to the bank’s negligence, incidents such as fire, theft/robbery, building collapse, where the bank is at fault, or if the bank has failed to take responsibility for the goods.
  • If the customer incurs losses due to fraudulent activities by the bank’s employees, the bank will compensate them up to 100 times the annual rent of the locker.
  • Banks will continue to accept fixed deposits to recover locker rent. To ensure prompt payment of locker rent, banks have the authority to obtain a fixed deposit at the time of allotment, covering three years’ rent and locker opening charges, as a precautionary measure.

SBI locker charges


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