Advertisement

Updated December 30th, 2023 at 16:54 IST

Locker rental agreement renewals end December 31

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

Reported by: Digital Desk
What is Digi Locker? Key features and usage explained
December 31 is the cutoff date for renewing locker rental agreements | Image:ANI
Advertisement

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.

Advertisement

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. 

Advertisement

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 Senior citizens are the owners of many outdated agreements.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.

Advertisement

 

 

Advertisement

Published December 30th, 2023 at 16:54 IST

Your Voice. Now Direct.

Send us your views, we’ll publish them. This section is moderated.

Advertisement
Advertisement
Whatsapp logo