Bank Locker Agreement 2023: Things You Must Know About It

Bank Locker Agreement 2023 is out and it is the same one circulated last year. I am sure we all have renewed our locker agreement with our banks by now. However, people who are yet to get their locker with their banks need to go through this article first.

Bank Locker Agreement 2023: Everything You Need to Know

These rules are set by the Reserve Bank of India, RBI, which are then communicated to the rest of the banks in India. These banks are required to follow RBI’s communication and hence they need to renew their locker agreements as per the communication of the Bank Locker Agreement 2023. 

Here are the rules that come under the same bank agreement that you must know before getting your locker with the bank:

Features of the New Bank Locker Agreement 2023

There are multiple things which are required to be considered before getting the locker with your bank so please take your time to go through them one by one carefully:

  • The bank and the customer are required to enter the locker agreement on duly stamped paper.
  • The bank locker agreement shall be signed by both parties.
  • A copy of the agreement shall be kept by the lock-hirer which contains all the rights and responsibilities of both parties.
  • The original bank locker agreement shall be retained by the bank.
  • The bank may ask the customer to make a Term Deposit or Fixed Deposit with the bank covering three years of rent and the charges at the time.
  • The banks can not force the existing locker customers to open FD as described above.
  • Banks shall return the right amount to the customer in case of submission of the bank locker before 3 years.
  • The banks shall inform the customers two months in advance through two newspapers in case there is a closing, shifting or merging of the bank branch.
  • The customer can change or close the facility according to their convenience in the above-mentioned case.

Also Read:

Bank Holidays List For December 2022, As Per RBI’ Site


In this article, we learnt about the New Bank Locker Agreement 2023 which shall be applicable to all the banks and locker holders in the upcoming year. Please ensure to read it carefully so that you can make an informed decision. Also, share this article with people who might be interested in hiring a new locker at their bank.

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