How to Get Bank Locker — Rules, Charges, Nomination & RBI Guidelines

A bank locker (safe deposit locker) lets you store valuables like jewellery, property documents, and important certificates in a secure vault maintained by the bank. With the RBI issuing revised guidelines in 2022, the rules around bank lockers have changed significantly — covering agreements, bank liability, insurance, and customer rights.

This guide covers everything you need to know about applying for a bank locker, the latest RBI rules, locker charges across major banks, nomination, and more.

How to Apply for a Bank Locker

To rent a bank locker, follow these steps:

1. Visit your bank branch — Lockers are available only at branches that have a vault. Not all branches offer this facility.
2. Submit an application — Fill out the locker application form. You will need to provide KYC documents (Aadhaar, PAN, address proof, passport-size photographs).
3. Open a savings account — Most banks require you to have a savings account at the same branch.
4. Pay the security deposit and first year's rent — The bank will collect a one-time security deposit and the annual locker rent in advance.
5. Sign the locker agreement — As per the 2022 RBI guidelines, the agreement must be on a stamped paper and must clearly mention the bank's liability, rent revision terms, and nomination details.
6. Collect your locker key — Once allotted, you receive a key. The locker requires both your key and the bank's master key to open.

Tip: There is usually a waiting list for bank lockers, especially in metro cities. Register early and check with multiple branches.

RBI Revised Guidelines on Bank Lockers (2022)

The Reserve Bank of India issued comprehensive revised guidelines on safe deposit lockers effective 1 January 2022, with banks required to comply fully by 1 January 2023. Key changes include:

New Locker Agreement

• Banks must execute a fresh locker agreement with all existing and new locker holders.
• The agreement must be based on the model agreement provided by the Indian Banks' Association (IBA).
• The agreement must clearly state terms on rent, nomination, liability, access, and termination.

Bank Liability

• If a locker is broken into due to the bank's negligence (fire, theft, building collapse, fraud by bank staff), the bank is liable to pay the customer compensation up to 100 times the annual rent of the locker.
• Banks are not liable for natural calamities or acts of God beyond their control, provided they have taken reasonable precautions.

Insurance

• Banks must arrange for adequate insurance coverage for the locker facility against risks like fire, burglary, and building collapse.
• The insurance cost cannot be directly passed on to the locker holder as a separate charge.

Other Key Rules

• Banks cannot insist on a fixed deposit (FD) as a condition for allotting a locker. However, they can collect a security deposit equivalent to 3 years' rent (earlier some banks demanded FDs of ₹10,000–₹50,000).
• Banks must maintain CCTV records of the locker room for at least 180 days.
• Customer can access the locker during all working hours of the branch.
• Banks must maintain a branch-wise waitlist and allot lockers strictly on a first-come, first-served basis.

Types of Lockers & Sizes

Banks offer lockers in different sizes to suit varying needs:

Exact dimensions vary by bank and branch. Check with your specific branch for availability.

Annual Locker Rent by Bank

Locker rent varies by bank, city, and locker size. Here are indicative annual charges for major banks:

SBI (State Bank of India)

HDFC Bank

ICICI Bank

Note: GST at 18% is applicable on locker rent. Banks may revise charges periodically. Consider a fixed deposit to earn interest on the security deposit amount.

Security Deposit

As per the revised RBI guidelines:

• The maximum security deposit a bank can collect is 3 years' annual rent of the locker.
• Banks cannot demand a fixed deposit as a precondition for locker allotment.
• The security deposit is refundable when you surrender the locker, after adjusting any unpaid rent or charges.
• If a bank already holds an FD as security from an existing locker holder, it must transition to the new norms.

Nomination Rules

Nomination is crucial to ensure your family can access the locker in case of your death:

• You can nominate one person while applying for the locker or at any time during the locker tenure.
• For joint locker holders, nomination can be made by all holders jointly.
• In case of death of the sole or last surviving locker holder, the nominee gets the right to access and remove the contents of the locker in the presence of a bank official.
• Banks must facilitate nomination and cannot discourage or refuse it.
• You can change or cancel your nomination at any time by submitting a fresh nomination form.
• If there is no nomination and the locker holder dies, the legal heirs must produce a succession certificate or legal heir certificate to access the locker.

What to Store in a Bank Locker (and What Not To)

Recommended Items

• Gold and silver jewellery
• Property documents (sale deed, title deed)
• Insurance policies (original copies)
• Fixed deposit receipts and bonds
• Wills and power of attorney
• Passport (if not needed frequently)
• Rare coins, collectibles

Items You Should NOT Store

• Cash — It is illegal to store large amounts of cash; the Income Tax department can investigate
• Perishable items — Food, plants, or anything that can decay
• Hazardous materials — Chemicals, explosives, flammable substances
• Illegal items — Contraband, drugs, unlicensed firearms
• Items prohibited by the bank — Check your locker agreement for specific exclusions

Accessing Your Bank Locker

• You can visit the locker during normal banking hours on any working day.
• Carry your locker key and a valid photo ID.
• Sign the locker access register at the branch.
• The bank staff will use their master key along with your key to open the locker.
• You are entitled to privacy — bank staff should not be present while you access the contents.
• For joint lockers, access rules (either or survivor / jointly) are as specified in the agreement.
• Banks now maintain CCTV surveillance in locker areas as mandated by RBI, but cameras must not be positioned to see the contents of your locker.

Breaking Open a Bank Locker

A bank can break open a locker only under specific circumstances:

1. Non-payment of rent — If rent is unpaid for 3 consecutive years, the bank can send a notice and break open the locker after giving adequate notice (at least 6 months).
2. Due process — The bank must send a registered letter to the locker holder and nominee at their last known address.
3. Inventory — The contents must be listed in the presence of two independent witnesses and the branch manager.
4. Storage — The contents are kept in a sealed packet in the bank's custody until claimed.
5. Court order — In certain legal situations, a court may order the bank to break open a locker.

The bank cannot break open your locker arbitrarily. The RBI guidelines ensure a fair process with adequate notice.

Transferring a Bank Locker

• Locker allotment is non-transferable — you cannot sell, sublet, or transfer your locker to another person.
• If you want to add or remove a joint holder, you need to surrender the existing locker and apply for a new one with revised holders.
• In case of death, the nominee or legal heir can access the locker but the locker itself is not automatically transferred — a fresh application is required.
• If you want a locker at a different branch, you must surrender the current locker and apply at the new branch.

Digital Locker Access

While the physical bank locker requires an in-person visit, India's DigiLocker platform offers a digital alternative for documents:

• DigiLocker is a government service (under MeitY) that stores digital copies of official documents like Aadhaar, PAN, driving licence, mark sheets, and vehicle registration.
• It is accepted as a valid alternative to physical documents under the IT Act.
• Some banks now offer digital vault services that let you store scanned copies of important documents linked to your bank account, accessible via net banking or mobile app.
• Digital storage complements a physical bank locker — keep originals in the bank locker and digital copies in DigiLocker for everyday use.

Frequently Asked Questions

Is it mandatory to have a savings account to get a bank locker?

Most banks require you to maintain a savings or current account at the branch where you want a locker. This is primarily for rent deduction and KYC compliance. However, RBI guidelines state that banks cannot impose unreasonable conditions for locker allotment.

Can a bank force me to take a fixed deposit for getting a locker?

No. As per the revised RBI guidelines (2022), banks cannot make a fixed deposit mandatory for allotting a locker. The maximum they can collect is a security deposit equal to 3 years' annual rent.

What happens to the bank locker if the holder dies?

If a nominee is registered, the nominee can access the locker in the presence of a bank official and remove the contents. Without a nominee, legal heirs need to submit a succession certificate or legal heir certificate issued by a court. The locker is not automatically inherited — a fresh application is needed.

How much compensation will the bank pay if my locker is robbed?

Under the 2022 RBI guidelines, if the contents are lost due to the bank's negligence (theft, fire, fraud by staff, building collapse), the bank must pay compensation up to 100 times the annual locker rent. For a locker with ₹5,000 annual rent, this means up to ₹5,00,000 in compensation.

Can I access my bank locker on weekends or holidays?

No. Bank lockers can be accessed only during the working hours of the branch on business days. If your branch operates on Saturdays, you can access the locker on that day. Sunday and public holiday access is generally not available.

Can the bank increase locker rent without notice?

No. The locker agreement must specify the terms of rent revision. Banks must give reasonable advance notice before increasing the rent. If you disagree with the revised charges, you have the option to surrender the locker and get your security deposit refunded.