Bank locker rules: What banks are liable for and what you must insure yourself

Using a bank locker still feels like the safest way to store jewellery and important documents, yet the rules in 2025 make it clear that banks are offering secure space, not full insurance. RBI’s revised locker framework, implemented from January 2022 and now embedded in banks’ new agreements, standardises how liability, rent and compensation are handled – and also underlines how much risk still stays with you.

What RBI’s locker rules actually say

Under RBI’s instructions, banks must use a standard locker agreement, maintain proper security, keep CCTV and access logs, send alerts when lockers are operated and ensure a clear waitlist and transparent allotment. If contents are lost because of the bank’s negligence or failure to protect the vault – for example, fraud by staff, theft, burgla