Locker Rent Due Notice From Bank
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FAQ
The RBI has set December 31, 2023 deadline to execute revised locker agreements, in a staggered manner. You might need to sign and submit an updated locker agreement once again if you had submitted an altered bank locker agreement on or before December 31, 2022.
Usually what happens if a bank is doing badly it gets taken over by another bank that wants the new customers. In any case the safe deposit boxes may be moved to a new location but as long as you pay the rent you can get in there and remove the stuff. I presume by ?lockers? you mean bank safe deposit boxes.
If customers do not pay their rent for three years in a row, the bank will commence the locker break open process.
You will only need to fill out and sign a stamped (as per the State Stamp Act) Locker Agreement form and provide two passport-size photographs of yourself and the joint licensee if any. Suppose you are an existing locker licensee and would like to add another person as a joint licensee.
To hire a locker, the individual must fill out a simple application form and complete the KYC formalities with the bank. The hirer must sign a locker agreement, also known as a 'memorandum of letting,' agreeing to the terms and conditions of the bank. Most banks require some form of collateral.
