SBI Urges Customers To Execute Revised Locker Agreement

State Bank of India (SBI) has recently issued an alert to its customers regarding a revised agreement for locker facilities. In an effort to streamline processes and ensure compliance with regulatory guidelines, SBI has requested its customers to execute the revised agreement and carefully review the details.

Customers who have lockers at multiple banks must sign new locker agreements by June 30. The Reserve Bank of India (RBI) extended the deadline for banks to complete the renewal process in stages by December 31, 2023. The first installment of the 50% contract renewal is due on June 30, 2023.

State Bank of India on Monday informed, "We request our esteemed customers to contact their locker holding branch and execute the revised/supplementary locker agreement as applicable," SBI said in a tweet on Monday.

"Bank has issued a revised/supplementary locker agreement incorporating the customer's rights. Customers availing locker facilities from SBI are requested to contact their locker holding branch and execute the revised/supplementary locker agreement as applicable," the statement added.

The RBI extended the deadline for banks to sign into amended agreements with safe deposit box holders to the end of December in January, citing a large number of clients who have yet to do so.

RBI suggested that banks enter into updated agreements with existing locker holders by January 1, 2023, in light of major improvements in banking and technology, the nature of customer complaints, and input received in August 2021.