The Reserve Bank of India (RBI) has ordered banks to sign new safe deposit box agreements with their customers on or before December 31, 2022. New locker agreements must not contain any terms that are unfair to customers. 

 

The revised directive dated 18 August 2021 by the Reserve Bank of India (RBI) provides guidelines for model locker contracts. The safe deposit box agreement template must regulate the rights and obligations of the bank and its customers, the responsibility of the bank and the payment of rent, etc.

 

RBI's statement states that banks are under no obligation to compensate for damage or loss of contents of safe deposit boxes due to natural disasters or force majeure such as earthquakes, floods, lightning and thunderstorms, or any act resulting therefrom, which is solely at fault or negligence of the customer.

 

However, in case of fire, theft, theft, robbery, fraud, building collapse, negligence, negligence or entrustment, or due to fraud by its employees, the bank is obliged to pay compensation equal to 100 times the applicable annual rent for the safe deposit box. According to the Reserve Bank of India, a message released by the bank states, "It is the bank's responsibility to take all measures to ensure the safety of the premises where the vaults are located. It has the responsibility to ensure that events such as fire, burglary/burglary/assault, theft, building collapse at banking premises, etc. do not occur due to its own defects and negligence

 

In the new safe deposit box agreement, the banks mention a clause that they do not have to pay for losses caused by things like natural disasters or force majeure. However, some banks do not mention clauses related to theft, fire or theft, in which case they are obliged to pay compensation.