The Reserve Bank of India (RBI) has made it compulsory to renew their locker agreements with existing locker customers by January 1, 2023. All the current locker depositers are required to furnish proof of eligibility for a renewed locker arrangement. They have to sign the locker agreement before specific date.  

RBI has already instructed banks to ensure that any "unfair terms or conditions" are not covered in their locker agreements. The updated guidelines add that the terms of agreement shall not be more "onerous than required in ordinary course of business" to safe the interests of the bank.

CCTV cameras in Safe deposit areas

RBI suggested the banks to install CCTV camera at entry and exit points of the strong room and the common areas of operation. It made it compuslory to preserve its recording for a period of not less than 180 days.

As per guidelines, if any customer has complained to the bank that his/her locker is opened without any knowledge, theft, or security breach, the bank shall preserve the CCTV recording till the police investigation is completed and dispute is settled.

Banks can demand term deposit as rent

RBI allows the banks to ask for a term deposit during the allocation of a locker that will be collected as a rent for 3 years. However, lenders cannot force on such term deposits for the existing locker holders or from those with satisfactory operative accounts.