Did you know? Bank's liability is 100 times annual rent of a locker

The Reserve Bank of India (RBI) has now set December 31, 2023 as the final deadline for the renewal of bank locker agreements with existing customers. The earlier deadline was January 1. Banks are urging their customers to complete this formality much before the deadline. The State Bank of India and Bank of Baroda have released advisories urging locker holders to sign their revised contracts by June 30.

Here are a few key things customers, including potential ones, should know about bank lockers.

Existing relationship not mandatory