Sign agreement locker agreement promptly, buy cover for valuables
Last Update Date: 06-10-2026
Published by Business Standard
Abhishek Kumar's role: Quoted
Abhishek Kumar said the agreement lets banks act if they suspect a locker is misused, suggested updating KYC and nominee details, and advised matching locker insurance cover to the value of the contents.
More of Abhishek's views on money management
Bank customers who have not signed the revised locker agreement required by the RBI risk having locker access paused. The article explains the agreement's terms, including limits on the deposit banks can demand and a cap on bank liability, and suggests separate insurance for valuables kept in lockers.
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Sign agreement locker agreement promptly, buy cover for valuables