Many bank customers are at risk of losing access to their lockers. The reason: they haven’t signed the revised locker agreement as required by the Reserve Bank of India (RBI).
Nearly 20% of locker holders have still not signed the updated agreement, and their lockers may soon be sealed or frozen.
What Does the New Locker Agreement Say?
The revised agreement gives more protection to customers.
If the bank fails to keep your locker contents safe, you can take legal action.
If your valuables are damaged or destroyed due to fire or other incidents, the bank is responsible.
You don’t need to submit any document to sign this agreement.
The stamp duty will be paid by the bank, not the customer.
When Was This Rule Introduced?
The RBI introduced the new rule in August 2021 and asked banks to sign the updated locker agreement with existing customers by January 1, 2023.
Due to delays, the deadline was extended twice:
First to December 2023
Then to March 2024
Even now, many customers have not completed the process. Banks are now requesting another extension — this time to December 2025.
What If You Don’t Sign the Agreement?
If you don’t sign the new agreement, your locker may be frozen, meaning you won’t be able to access it.
Banks may be allowed to send a final notice and then seal or close the locker.
The RBI has also asked banks to share updates on how many customers have signed the Safe Locker Agreement (SLA). Based on this, further RBI guidelines are expected.
What Steps Are Banks Taking?
Banks are planning strict action against those who haven’t signed the agreement.
They’ve approached RBI and government authorities for permission to send final warnings and seal the lockers.
This will also help protect banks from future legal and regulatory issues.
What Can and Cannot Be Kept in a Bank Locker?
You can keep:
Jewelry
Important documents (property papers, will)
Cash
Digital storage devices
Other valuable personal items
You cannot keep:
Illegal or banned items
Explosives or flammable materials
Hazardous or prohibited substances
As per RBI rules, lockers should only be used for personal and legal valuables.
If you haven’t signed the new agreement yet, it’s important to do so soon to avoid losing access to your locker.
