The Reserve Bank of India (RBI) has strengthened safety, liability, and customer rights related to bank lockers under the revised locker facility guidelines. These rules aim to protect locker holders, ensure transparency in locker agreements, clarify liabilities for loss due to negligence, and enhance customer rights when storing valuables like jewellery and legal documents.
Key Provisions on Bank and Customer Responsibilities
Under the RBI framework, banks are obliged to safeguard locker facilities and maintain proper security measures. This includes installing CCTV cameras, protecting entries and exits, and ensuring documented locker agreements on non‑judicial stamp paper. Customers and banks have clearly defined responsibilities, and banks must provide customers with documented terms including rent, rights, duties, and grievance processes.
Liability and Compensation for Locker Loss
In cases where locker contents are lost due to bank negligence such as theft, burglary, fire, robbery, or fraud by bank employees the bank’s liability is capped at 100 times the prevailing annual rent of the safe deposit locker. However, banks are not liable for losses arising from natural calamities such as earthquakes or floods, or losses attributable solely to the customer’s negligence.
Locker Rent, Agreement and Customer Rights
Banks must execute locker agreements on stamped paper and provide a signed copy to the customer. Banks cannot include unfair or excessive terms that unduly favor themselves. Customers should be notified each time a locker is accessed, and banks are expected to display locker availability and waiting list information.
Settlement of Claims for Locker and Related Assets
RBI has mandated that banks must process locker and custody claims for deceased customers within a specified time frame. After receiving valid claims, banks should finalize settlement—including transfer of assets or release of locker contents—within 15 days of claim submission. Failure to comply may result in penalties or compensation to nominees or legal heirs.
What Is and Isn’t Covered in Locker Liability Rules
| Aspect Covered | Bank Responsibility | Customer Responsibility |
|---|---|---|
| Loss due to bank negligence | Liability up to 100× annual locker rent | Customer should report loss promptly |
| Loss due to natural calamities | No compensation from bank | Customer bears loss |
| Misuse by customer (prohibited/harmful items) | Bank cannot inspect contents without the customer present | Customer risk/liability |
| Locker claim after death | Bank must settle within timeline | Heirs must submit claim documentation |
| Grievance handling | Bank must provide formal redress channels | Customer should follow grievance procedures |
This table summarises how different situations are treated under the updated RBI locker norms.
Important Customer Rights Under the RBI Framework
Customers are entitled to clear disclosure of locker terms, protection against unfair agreements, compensation for bank negligence, access to grievance redress mechanisms, alerts on locker usage, and timely claim settlement including provisions that expedite access for nominees and heirs of deceased customers.
Conclusion
The Bank Locker Rules 2026 set by the RBI provide a comprehensive framework that strengthens customer protections, defines liabilities clearly, and ensures transparency in locker agreements. By outlining compensation mechanisms, timelines for claim settlement, and customer communication rights, these rules make safe deposit lockers a more secure and trustworthy option for storing valuables. Customers are encouraged to review their locker agreements, understand their rights, and ensure compliance with the updated requirements to make the most of these protections.
Disclaimer: This article is for general informational purposes only. While it explains key aspects of bank locker rules influenced by RBI’s framework, the precise implementation of these rules and any regulatory updates may vary. Readers should consult official RBI notifications or their bank’s terms of service for exact legal and procedural requirements.