Bank Locker Rules and Regulations 2025: List of Things Allowed & Not Allowed in Bank Lockers

People from different sections and professions use bank lockers to keep their valuable items and belongings, like documents and jewellery, safe and secure. The banks offer enhanced security measures, like 24x7 surveillance cameras, restricted areas, alarms and more to reduce the risk of damage and theft.

Nevertheless, you can use bank lockers for legitimate purposes only. You must follow certain rules set by the Reserve Bank of India (RBI) about bank lockers. In this article, we will discuss the bank locker rules, the list of items allowed in the locker and more. 

Bank Locker New Rules

The RBI bank locker rules have introduced the renewal process of bank locker agreements. In this phase, the account holders who have submitted their agreements on or before 31st December 2023 must sign a revised agreement and submit it to their respective bank before 31st December 2023. 

Moreover, to facilitate the renewal process, the banks must take necessary measures like arranging stamp papers, franking, electronic execution and e-stamping. They must also provide the customer with a copy of the newly executed agreement. 

Bank Locker Operation Rules

As per the new RBI bank locker operation rules, customers are not allowed to use the locker for unlawful purposes or store any illicit goods, like dangerous materials or illegal items. Here is the list of items allowed and not allowed in bank lockers:

List of Items/Things Allowed in Bank Lockers

According to the revised bank locker agreement, you can store valuable items like jewellery and documents. The bank lockers are suitable for safeguarding jewellery, loan documents, property documents, birth or marriage certificates, insurance policies, saving bonds and other confidential items.

List of Items/Things Not Allowed in Bank Lockers

As per the revised bank locker guideline, you cannot store cash and currency. Moreover, the revised locker agreement restricts you from storing arms, weapons, drugs, explosives and contraband materials. 

The bank also restricts you from storing any perishable or radioactive material, illegal substances and hazardous materials. You also cannot store any material that creates a nuisance to the customers or bank. 

When are Banks Responsible?

The bank is responsible when a loss occurs due to the bank’s shortcomings, an act of commission/omission or negligence. In addition, banks are responsible for any of their employee’s fraudulent activities. 

In such scenarios, the bank is liable to pay an amount equivalent to one hundred times the existing locker’s annual rent. For instance, if the annual bank locker charges are Rs. 4,000, the bank is liable to compensate the customer up to Rs. 4,00,000. 

Bank Locker Rules In Case of Theft

The banks are responsible for any damage or loss of the locker contents due to the bank’s carelessness. In case of scenarios like fire, theft, burglary, robbery and dacoity arising due to negligence of the bank or fraudulent employees, the bank is liable to pay the customers an amount equivalent to one hundred times the current locker’s rent. 

For example, if the locker charge annually is Rs. 1,000, the bank must pay Rs. 1,00,000 to the customer as compensation due to the bank’s negligence. 

Bank Locker Rules In Case of Death

The customers must ensure that they register for the survivorship clause and nomination facility when they open a locker at a bank. Here are the bank locker's new rules in case of death:

• If the customer has nominated a person, the bank gives the nominee the access and ability to remove the locker’s content after the hirer passes away. 
• For lockers hired jointly with instructions to operate under joint signatures, and the hirers appoint nominees, the bank allows them to operate and remove the content jointly. 
• Suppose the hiree hires a locker with a survivorship clause and instructs the banks to give access to the locker to ‘anyone or survivor’, ‘either or survivor’, ‘former or survivor’ or other survivorship clause. In that case, the bank follows the mandate of one or more during the death of locker hirers.

Hence, customers must know the new bank locker rules according to RBI mandate to enjoy their benefits. It ensures a smooth and secure locker experience, offering them peace of mind knowing that the bank protects their valuables and belongings.

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