A bank locker is a safe deposit box offered by banks to their customers for storing valuable items such as jewelry, important documents, and other personal belongings. Banks provide this facility to ensure the safety and security of these items, employing measures like 24/7 surveillance, alarms, and restricted access areas. In return, customers pay a nominal rental fee, with the cost varying based on the locker's size and the branch selected.

Application Process

Applying for a bank locker generally involves several steps. Here’s a comprehensive guide based on the latest information:

1. Eligibility:

   • Most banks require you to be an existing customer with a savings or current account.
   • Eligibility extends to resident individuals 18 years or older, sole proprietorships, partnership firms, LLPs, and public and private limited companies.

2. Initial Steps:

   • Visit the nearest branch of your bank offering locker facilities. Some banks allow you to check the availability of lockers online or through their mobile app.
   • Some banks like Bank of Baroda provide an online locker allotment e-portal for existing customers.
   • Axis Bank allows online reservation of a safe deposit locker, where you can select the size that fits your needs.

3. Application Form:

   • Collect and fill out the locker application form. Ensure you have your Know Your Customer (KYC) documents and passport-sized photographs ready.

4. Documents Required:

   • Duly filled application form.
   • KYC documents (such as Aadhar card, PAN card, passport, etc.).
   • Agreement form.

5. Agreement and Formalities:

   • Sign the locker agreement, which outlines the terms and conditions of the locker rental.
   • Be aware of the revised agreement guidelines issued by the Reserve Bank of India (RBI), which aim to protect customers' rights and enhance transparency.
   • As of mid-2025, approximately 20% of locker holders are yet to sign the new agreement. Banks are urging customers to sign these updated agreements to avoid potential sealing of their lockers. The RBI's revised locker agreement instructions had to be fully implemented by March 2024, but some banks are requesting extensions to December 2025.

6. Security Deposit and Rent:

   • Provide a fixed deposit as security, which usually covers three years' rent and potential break-open charges.
   • Pay the locker rent, which varies depending on the size of the locker and the bank’s policies.

7. Nomination:

   • Nominate a person who can access the locker in your absence or in the event of your demise. The nominee access should be done within 15 days.

Key Considerations and New Rules

Several new regulations and considerations have been introduced to enhance the security and customer rights associated with bank lockers:

• Biometric Access and CCTV: Banks are installing biometric verification systems and CCTV cameras with continuous recording for at least 180 days to prevent unauthorized access and improve traceability.
• SMS/Email Alerts: Customers receive SMS or email alerts each time the locker is accessed.
• Prohibited Items: Customers cannot store cash, arms, explosives, or any hazardous or perishable items in the lockers. Banks are authorized to terminate locker services if such items are discovered.
• Inactivity: Banks can open lockers that have been inactive for three years if the customer does not respond to notices.
• Compensation: Banks are liable to compensate customers up to 100 times the annual rent if they fail to protect the belongings in the locker.
• Online Blocking: Some banks offer the facility to block a vacant locker online through their mobile app for a limited period, although this may be subject to a service charge.

Conclusion

A bank locker is a reliable way to safeguard your valuables, provided you adhere to the bank's terms and regulatory guidelines. Ensure you complete all the necessary documentation, understand the updated locker agreement, and keep your KYC information current to maintain uninterrupted access to your locker. Staying informed about the latest RBI regulations and bank policies will help you make the most of this secure storage solution.