Bank Locker Rules by RBI: Charges, Liability & What's Allowed Inside

Despite the growing digitisation of banking and financial records, many valuables still require secure physical storage. Jewellery, property papers, family assets and other important belongings are therefore commonly stored in bank lockers for additional safety and privacy.

Knowing the RBI bank locker rules on who is liable in case of theft, what happens if the locker key is lost, who can access the locker after the holder’s death, or under what conditions banks may break open lockers can become important during unexpected situations.

How Do Bank Lockers Work?

After you open a safe deposit locker, the locker key is handed over to you, and the bank maintains its own access mechanism for security purposes. For every locker visit, banks usually maintain records such as the date and time of access and, in some cases, even the duration of the visit.

You may also need to complete verification procedures such as signatures, passwords, biometric authentication, or OTP confirmation before accessing the locker.

What Can and Cannot Be Kept in a Bank Locker?

Since banks usually do not verify or maintain records of the contents stored inside lockers, you should use the locker responsibly and avoid storing prohibited or hazardous items.

1. Items You Can Keep in a Bank Locker

As per locker rules of RBI and general banking practices, you may keep:

• Jewellery 
• Loan documents
• Property documents
• Insurance policies
• Birth certificate
• Marriage certificate
• Savings bonds
• Confidential items

2. Items You Should Not Keep in a Bank Locker

You should avoid keeping:

• Cash 
• Explosives or inflammable materials
• Illegal substances or narcotics
• Weapons or restricted items
• Hazardous chemicals
• Perishable goods
• Items prohibited under the law

What are Bank Locker Charges and Fees?

Banks may charge an annual fee/rent for maintaining the locker and certain additional charges apply related to locker operations and maintenance. It varies based on locker size and branch location.

1. Fixed Deposit or Security Deposit Requirement

Banks may ask you to maintain a fixed deposit (FD) while allotting a locker. This is charged to cover:

• Up to three years of locker rent
• Charges related to breaking open the locker, if required

2. Other Bank Lockers Charges

Additional charges include:

• One time registration charge
• Locker key replacement
• Locker break-open procedures
• Delayed rent payment
• Stamp duty on locker agreements, where applicable
• GST on locker rent and related services

Disclaimer: The aforementioned are generic charges. For Ujjivan SFB bank locker details, please contact the bank.

Responsibilities of the Customer and the Bank

Both the customer and the bank have certain responsibilities associated with locker usage.

1. Who is Responsible in Case of Theft or Loss From a Locker?

Banks are responsible for maintaining the overall security of the locker premises and locker systems. Banks may be held liable in situations involving negligence, fraud by bank employees, security lapses, or incidents that occur due to the bank’s failure to maintain proper safety measures.

2. Who is Responsible if the Locker Key Is Lost?

Customers are responsible for the safe handling of the locker key provided by the bank. If the locker key is lost, customers should immediately inform the bank branch. The bank will then verify the locker holder and open the locker as per its standard procedures. Charges related to breaking open the locker, lock replacement, or new locker allotment may apply, depending on the bank’s policies.

How Much Will the Bank Pay if Something is Lost From the Locker?

If locker contents are lost because of fire, theft, burglary, dacoity, robbery, building collapse, or fraud committed by bank employees, the bank is liable to pay an amount equivalent to 100 times the annual locker rent. 

The bank is not liable for loss caused by natural calamities such as floods, earthquakes, lightening, or by the customer’s own negligence.

What Happens if Locker Charges Are Not Paid?

If locker charges are not paid for prolonged duration, banks may send reminders and notices to the customer before taking further action. The bank then may open the locker after following its standard procedures and completing the required formalities as per the locker agreement.

The opening process should take place in the presence of independent witness and record it on video to ensure transparency and fairness. 

What Happens if a Bank Locker is Not Operated for a Long Time?

For the locker that remain inactive, banks may contact the locker holder if the locker remains unoperated for:

• More than three years in case of medium-risk customers
• More than one year in case of higher-risk customers

This review may happen even if the locker rent is being paid regularly. Banks may ask the locker holder to either operate the locker, surrender it, or provide reasons for the prolonged inactivity.

In certain situations, such as NRIs staying abroad or customers with transferable jobs, banks may allow the customer to continue operating the locker after reviewing the explanation provided.

If the customer does not respond to the bank notices or continue to leave the locker unoperated, the bank may open the locker after following the required procedures.