Locker rental agreement renewals end December 31

New Delhi: December 31 is the cutoff date for renewing locker rental agreements; beyond that date, bank customers might encounter difficulties retrieving their belongings.

Depositors are concerned because the RBI has not extended the deadline for renewing bank locker rental agreements.

According to banks, 10–20% of clients have not yet signed updated contracts that outline the bank's limited liability, which is 100 times the annual locker rent.

Depositors are concerned about this limited liability, though, because jewelry frequently has a higher value than this sum. 

Digital locker agreements have been introduced by banks such as Union Bank, Canara Bank, Indian Bank, Punjab National Bank and Bank of Baroda; however, there have been complaints regarding their unavailability. Senior citizens are the owners of many outdated agreements.

To carry out the agreements, some banks are offering to visit senior citizens.