The Reserve Bank of India has shaken things up again—this time with a major overhaul of how bank lockers work across the country. If you’re a Singapore-based Indian who still keeps jewellery or family documents back home, these changes matter more than you think.
The updated RBI Locker Rules 2025, effective 1 November 2025, put much heavier responsibility on banks and aim to end the old, frustrating “locker-at-your-own-risk” mindset. With more than 1 crore locker holders in India, this shift brings real protection at a time when thefts, fire incidents, and disputes are getting more common.
Quick Comparison of Old vs New Rules
| Feature | Earlier System | New RBI Rules 2025 |
|---|---|---|
| Bank Liability | Mostly customer’s risk | Bank fully liable for negligence |
| Security Setup | Basic manual systems | CCTV + biometrics mandatory |
| Nomination | One nominee | Up to 4, quicker access |
| Compensation | Minimal or none | Up to 100× annual locker rent |
| Agreement Renewal | No deadline | Mandatory by 31 Dec 2025 |
Why These New Rules Actually Matter
For years, customers had to fight long bank disputes when locker items went missing. Banks often shrugged it off, saying the contents were not their responsibility.
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That imbalance is now gone.
Under the 2025 rules, banks must take full responsibility if your valuables are lost due to negligence — whether it’s a break-in, fire, flood, or mishandling.
And for many families in cities like Mumbai, Chennai, Delhi, and Bengaluru, where property documents and heirloom jewellery are stored in lockers, this shift offers a real sense of safety.
Mandatory Security Upgrades Across All Banks
Here’s where the rules get serious. Every bank offering locker facilities must install:
- CCTV cameras inside the locker room
- At least 180 days of video retention
- Biometric or OTP-based access
- Real-time monitoring of locker activity
Banks must also take photographs (with consent) during new locker allotments and surrenders. This stops the usual “item was never inside” arguments.
By mid-2025, most large banks in India—from SBI to HDFC—had already completed these upgrades, turning locker areas into something closer to digital vaults.
Faster Nominee Access: A Big Relief for Families
One of the most practical updates:
Customers can now name up to four nominees, including successors.
If the locker holder passes away, the nominee can get access within:
15 days, as long as documents are in order
No more running to courts, no more months of waiting — a huge relief for families handling inheritance matters.
Deadline Alert: Renew Your Locker Agreement by 31 December 2025
Every locker holder must sign a new standard agreement with their bank.
It’s short—just two pages—and spells out:
- Bank liabilities
- Compensation rules
- Access rights and conditions
- Nominee details
Many banks in India now allow this through mobile apps, but older branches may still require an in-person visit. If you skip the renewal?
Your locker may get suspended or even cancelled.
How Much Compensation Can You Claim?
If the bank is at fault, the compensation is clearly defined:
Up to 100× the annual locker rent
Example:
Annual rent: ₹3,000
Maximum compensation: ₹3,00,000
This covers:
- Theft
- Fire
- Flood
- Building damage
- Unauthorised access
Of course, if your jewellery is worth several lakhs, separate insurance is still wise.
What You’re Not Allowed to Store
To avoid misuse (and a few previous cases that got… interesting), RBI has banned the storage of:
- Large cash amounts
- Drugs or banned substances
- Ammunition or weapons
- Explosives or hazardous chemicals
