Lockers

RBI has asked them to complete work in phases with intermediate milestones of 50% by June 30, 75% by Sept 30

The RBI on Monday extended the time till December-end for banks to enter into revised agreements with safe deposit locker holders as a large number of customers are yet to do so. In August, 2021 the Reserve Bank of India (RBI) had asked banks to enter into revised agreements with the existing locker holders by January 1, 2023 in view of various developments in the area of banking and technology, nature of consumer grievances and also the feedback received. "However, it has come to the notice of RBI that a large number of customers are yet to sign the revised agreement. "In many cases, the banks are yet to inform the customers about the need to do so before the stipulated date (January 1, 2023)," the central bank said in a statement while extending the deadline for banks to complete the process of renewal of agreements for the existing safe deposit lockers in a phased manner by December 31, 2023. Banks have been asked to notify all their customers of the revised requirements by Apr

While new rules enhance banks' accountability, buying locker insurance is added protection

The Reserve Bank of India regularly updates rules for improving the safety and convenience of the bank customers. These are the Bank locker rules that everyone should know.

The model bylaws will enable PACS to offer economic activities other than credit which includes developing cold-storage facilities in villages, running PDS shops and locker facilities for depositors

They offer convenience for slightly higher rental than banks