Bank Locker News Rules : If you’re someone who uses a bank locker to store valuables like jewellery, important documents, or even cash, there’s a big update coming your way.
The Reserve Bank of India (RBI) has introduced new locker rules, effective June 1, 2025, and they impact everything—from locker fees to how you access your locker.
Here’s a simple breakdown of what’s changing and why it matters.
New Locker Agreement Now Mandatory
The first major update? All bank locker users will now have to sign a fresh agreement with their bank. This agreement will clearly mention the responsibilities of both the bank and the customer, the terms of usage, and the nature of contents stored inside.
The goal here is to minimize disputes and make sure both parties are on the same page.
Revised Charges Based on Locker Size & Location
Locker fees are getting a price update too, and it depends on locker size and the city you’re in:
- Small lockers (6×6 inches): ₹1,500 – ₹3,000/year
- Medium lockers (10×10 inches): ₹4,000 – ₹6,000/year
- Large lockers (12×12 inches and above): ₹8,000 – ₹12,000/year
If you’re in a metro city, expect these charges to go up by around 20% due to higher demand and real estate costs.
Security Gets a Much-Needed Upgrade
Gone are the days of simple keys. Banks are now required to set up two-factor authentication for locker access. That means a combination of biometric verification (like fingerprints or retina scan) and traditional keys.
Plus, CCTV monitoring of locker areas is now mandatory to enhance transparency and prevent any theft or fraud.
Inactive Lockers Could Be Accessed by Banks
There’s also a change in how banks handle unused lockers. If a locker hasn’t been accessed for three consecutive years, the bank now has the right to open and inspect it, following a proper process and notification to the customer.
So if you’ve been letting your locker sit untouched, it might be time for a quick visit.
What If the Locker Gets Damaged?
Another crucial update: Banks will now insure lockers against physical damage—whether it’s due to a natural disaster or technical failure.
However, the contents inside the locker are still the customer’s responsibility. So if you’ve got jewellery or cash stored, you’ll want to get it insured separately to be fully protected.
These new RBI rules are aimed at making locker usage more transparent, secure, and accountable. Whether it’s updated charges, new biometric systems, or mandatory agreements—there’s a lot you need to be aware of.
So if you have a bank locker, make sure to visit your branch before June 1, 2025, get the new paperwork sorted, and consider insurance for your valuables. It’s better to be safe (and informed) than sorry!
