RBI implemented new rules for bank lockers in 2025 which affected many customers. The updates are made to increase security, make sure pricing is clear and make the platform easier to use. If you already have a locker or are planning to get one, knowing this information will allow you to choose safe storage for your belongings.
Stronger Security Measures
To protect lockers better, banks now use biometrics, require two keys to enter and use video surveillance. Customers should now use fingerprint or facial recognition, in addition to their physical key, to open their lockers. They will also maintain visual records of use inside the lockers to track who visits them.
Revised Locker Charges
The cost to rent a locker now depends on its size and the place it is located. Lockers that hold as little as 1 cubic feet cost between ₹1,500 and ₹3,000 a year and mid-sized lockers that fit 3 cubic feet are priced from ₹4,000 to ₹6,000 each year. Most large lockers, where you store expensive belongings, are rented for between ₹8,000 and ₹12,000 each year. Because of higher demand and operational needs, the branches in cities may charge 20% more.
Dual-Key System for Added Protection
In 2025, users will have to use both their key and the bank’s key to unlock their locker. In case no one opens their locker for three or more years, the bank can inspect it to check whether the items meet security rules.
Insurance Coverage for Lockers
Now, banks are responsible for guaranteeing insurance against any locker damage that occurs because of technical issues or disasters. This insurance policy only covers the locker and not valuables such as jewelry or important documents which is why it is good to get additional insurance for such items.
Renewal of Locker Agreements
People who have locker agreements before the end of 2023 will have to renew them according to the new rules. You will be assisted by banks by allowing e-stamping and electronic signing of agreements, making them PDF files, so they comply with the new rules.
Restrictions on Stored Items
Cash, weapons, explosives, narcotics and hazardous materials cannot be stored in bank lockers based on RBI guidelines. Customers have to agree with these guidelines or risk getting their locker deal canceled.
Special Considerations for Senior Citizens
Most community banks in the US give seniors a discount on locker rentals. If you’re more than 60 years of age, ask your bank about special offers on banking fees.