Do you make use of bank lockers? If yes, then the new rules that have been promulgated in May 2025 will be very important for you. The Reserve Bank of India has notified amendment of certain important rules regarding bank lockers, which are concerned with their safety, charges and responsibilities of users. These changes will come into force on June 1, 2025 and will have direct implications for millions of customers utilizing bank lockers. Let us know in detail what changes have been made in the new rules and what these changes are likely to bring about in your life.
New Agreement Will Now Be Mandatory For Bank Locker
According to the new guidelines of RBI, now all bank locker users will have to sign a new agreement. In this, the contents of the locker, the terms of use and the responsibilities of the bank and the customer have been clearly defined. This step has been taken to reduce disputes related to the locker.
Big Change In Locker Charges
Under the new rules, banks will now fix fees based on size and location of lockers. An annual fee of ₹1,500 to ₹3,000 will now be charged for a small locker (6×6 inches), while ₹4,000 to ₹6,000 for a medium size (10×10 inches) and an annual fee of ₹8,000 to ₹12,000 for large lockers (more than 12×12 inches) will be required to pay. The fee in metros will be up to 20% more than this.
Improvement In Security Measures
Banks will have to set up a two-fold security mechanism for access and locking of the locker with biometric and dual authentication systems. Besides, access to each locker also requires CCTV recording and monitoring. This will curb incidents of locker theft or fraud.
Changes In Locker Opening Procedure
Now both will operate to keep the locker secure. New regulations state that the bank has a key, and the customer has another key. Only simultaneous use will allow access to the locker. Besides, if for 3 years there has been no activity in the said locker, then the bank shall have the right to access the locker and open it for examination.
What If The Locker Gets Damaged?
The new regulations require that banks must cover their lockers against damage. If a disaster or technical failure damages a locker, then insurance will reimburse the customer. It will, however, be the customer’s responsibility to insure any cash or jewellery.
Conclusion
If you are using a bank locker, approach the bank as soon as possible and find out about the new rules and changes. Understand the changes in terms of charges for lockers, security protocols, and also get the contents of your locker insured if required.
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