That metal safe-deposit box in your bank could be on the way out, following a New York City law that requires banks to phase out the boxes and the valuables they contain. From 2025 new RBI rules will change the way you can access, pay for, and secure your bank locker. Whether you keep jewelry, important documents or family heirlooms in yours, these developments are worth noting.
Revised Pricing Structure
Your locker rent will then go through the roof. Small lockers (3″x5″) will now cost between ₹1,500-2,000 annually (from ₹1,000-1,500), while medium units (10″x10″) spike at between ₹3,500-4,500. The private bank’s upscale branches in the metro cities can quote up to ₹8,000 for large lockers. Both male and female senior citizens are now also eligible for the 15% discount, though for all of these cases,new locker allocation charges of ₹500 will apply.
Enhanced Security Protocols
There needs to be three-level authentication for opening lockers in bank; including biometric authentication, OTP authentication and key to physical locker. Every visit will automatically generate an SMS alert to your nominated mobile number. RBI has made it compulsory for banks to replace all locker cabinets with fully fireproof ones by December 2025—an expense the cost of which could be passed on through rental hikes next year.
Strict Access Timings
Visiting locker rooms will no longer be open to unlimited access. Under the 2025 rules, the first four visits per quarter by the customer are free, and each subsequent visit is billed at around ₹300. On work days, locker access will be limited to 10 AM-2 PM in Metro branches, with regional branches having a leisureing period. Emergency access has a 48 hour notice period and is charged at a ₹1,000 service fee.
Insurance Coverage Changes
The automatic insurance cover for the contents of the locker is now doubled to ₹1 lakh, though the customer must now furnish a notarized inventory of items stored in the locker annually. For valuables above ₹5 lakh, more insurance at 0.5% of declared value is mandatory. The time to claim for theft or damage has been reduced to seven days – it was previously fifteen.
Digital Alternatives Emerging
Some banks now offer virtual locker facility where you can save digital copies of your documents for ₹1,200/year. A few private banks offer video verification of the physical locker contents through their mobile apps for a fee of ₹800 a session. These tech-forward alternatives seek to cuts physical visits but keep security intact.
What Customers Should Do Now
Go through the new locker agreements notification issued by your bank by December 31, 2024. See if the new expenses make the usage worthwhile – many feel a home safe which is high quality and offers the same security features would work out to better value – One time INR 12,000-20,000 investment. Please update your nominated details and stock file now to prevent any service interruption.
Also Read: IRCTC New Rules 2025: Big Changes for Train Travelers! Check Details