The Reserve Bank of India (RBI) has introduced new rules in 2025 to make bank lockers safer and more transparent for customers. These rules help protect your valuables and make sure banks take more responsibility.
New Locker Agreement
If you have a locker in a bank, you now need to sign a new locker agreement. This agreement includes all terms and conditions, and it must be signed on stamp paper. Banks will help you with the paperwork and also give you a copy of the signed agreement. This process was supposed to be completed by the end of 2023, but some banks are still doing it in 2025.
What You Can’t Keep in a Locker
RBI says you cannot keep the following in your locker:
- Cash
- Explosives, chemicals
- Weapons, drugs
- Perishable or illegal items
You can still keep jewelry, documents, and other valuables.
Bank’s Responsibility
If anything happens to your locker due to the bank’s fault — like theft, fire, building collapse, or fraud by staff — the bank has to compensate you up to 100 times the locker’s yearly rent. For example, if you pay ₹2,000 rent per year, you may get up to ₹2,00,000 as compensation.
Nominations
Now you can nominate up to four people to access your locker if something happens to you. You can either:
- Share it equally among all
- Or give priority to one person, then the next if needed
This makes things easier for families during emergencies.
Locker Safety Rules
RBI also asked banks to follow strict safety steps:
- CCTV cameras near locker rooms
- Biometric systems to open lockers
- Digital records of every time the locker is opened
- Banks must also keep a waiting list for lockers, so it’s fair for all customers
After Locker Holder’s Death
If the person with the locker dies:
- If there’s a nominee, the nominee can access the locker easily
- If it’s a joint locker and has a survivor rule (like “either or survivor”), the other person can use it
- If no such rule exists, both the nominee and the joint holder must be present
These new rules are meant to make locker usage safer and more organized. If you already have a locker, talk to your bank about these updates and complete any pending formalities.
