In 2025, banks would be mandated to present a uniform locker agreement to every user of a locker. According to the new provisions, the customers will be required to accept the new agreement which distinctly mentions the rights and duties of the two parties — the bank and the locker holder. These agreements may be provided in either digital or paper format. The action will help to cut down the area of uncertainty, to a great extent, and it will also make it very clear as to who is liable in case of damages and in the end, they will be giving the customers the service of custodia legally valid contracts.
Safer Security & Holding Banks Responsible
Besides the lockers being emptied if there was a fire or flood, banks would have to next to no time put into practice those measures that were already in existence, like:
- Access control through biometrics (example: fingerprint/iris) for locker vaults.
- Continuous CCTV surveillance in locker rooms while they retain the footage for at least 180 days.
- Alerts (via SMS/email) to the locker-holder in real-time every time their locker is opened.
These changes are intended to keep people who are not supposed to be there out of the area, prevent fraud, whether internally or externally, and by having a trail that is verifiable no matter which side of the argument you are on, help solve disputes.
Nomination Facility Reform — A Maximum Of Four Nominees Permitted
By the new rules coming from the Banking Laws (Amendment) Act 2025, starting 1 November 2025, the maximum number of nominees for lockers will be four. The nominations will be done in a successive manner, meaning one nominee will come into the picture only after the previous nominee has died.
This newfound convenience goes a long way in ensuring the effortless and quick transfer of the locker contents in case of the death of the owner — thus, bringing down the legal inconveniences for the family and the heirs.
Bank Liability & Compensation In Case Of Loss
One of the main changes made is that the bank is now responsible for any damage or loss to the lockers caused by its negligence, theft, burglary, fire, or staff misconduct. The bank is going to pay up to 100 times the annual rent of the locker as compensation in these cases. However, in such cases of compensation, the bank will not include loss due to the carelessness of the locker-holder, and natural phenomena such as floods, earthquakes, or other “acts of God” will not be covered either.
This new policy strengthens customers’ rights and gives them more confidence that banks will take responsibility — unless it is the customer’s fault and there is no misuse or negligence.
What You Should Do As A Locker-Holder
- Sign the new locker agreement if you have a bank locker as it is mandatory. A lot of banks are making it mandatory for their customers, and if you do not sign, your access to the locker may be restricted.
- Designate a beneficiary—or beneficiaries—to your locker so that in the event of your death or incapacity the transfer of your locker contents can take place without any difficulties.
- Do not keep forbidden things like cash, weapons, explosives, or other prohibited materials in your locker — only keep the things allowed. The locker is for legal valuables like jewelry, important papers, etc.
- Be aware of your locker-access notifications (SMS/email) and report anything questionable immediately.
- Understand your rights: you can request reimbursement (up to the limit) if the loss is due to the bank’s fault.
What The 2025 Locker-Rule Updates Mean Overall
The 2025 reforms intend to increase the security, clarity, and legal firmness of bank lockers. For the depositors—most especially those keeping valuables, documents, or heirlooms—the changes provide more safety, clearer rights, and better guarantees. One of the benefits for the banks is that the reforms will make their operations more uniform, increase their accountability, and align locker services more with the modern regulatory requirements.
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