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RBI Revises Safe Deposit Locker Guidelines for Banks

No longer current — withdrawn, no replacement on file yet
Source: Reserve Bank of India · RBI/2021-2022/86 · issued 18 Aug 2021 · ~2 min read
Quick answerRBI issued revised instructions for safe deposit lockers and safe custody articles, effective January 1, 2022. Banks must update their Board-approved policies, enhance customer due diligence, and adopt new liability norms. The changes apply to both new and existing lockers.

What changed

RBI superseded earlier locker guidelines with a comprehensive revised circular, incorporating feedback from banks, IBA, and a Supreme Court judgment. The new rules cover customer due diligence, locker allotment, security standards, nomination, claims settlement, and bank liability. Banks are required to frame Board-approved policies based on these revised instructions.

What it means for you

Banks must overhaul their locker operations to align with stricter CDD, security, and liability norms. The revised liability framework differentiates between natural calamities and events like theft or employee fraud, impacting risk management and insurance coverage. Lenders need to update customer agreements, operational procedures, and staff training to ensure compliance by the effective date.

Historical instruction — do not use for current compliance. This is what was required at the time; it no longer reflects current RBI requirements. If no replacement rule is linked above, that only means none is recorded on our register yet — it does not prove no later applicable rule exists. Confirm on the official RBI source below.

What banks were required to do at the time

Who it affects

All Scheduled Commercial Banks (including RRBs), All Co-operative Banks, All Small Finance Banks, All Payments Banks, All Local Area Banks

❓ Common questions

Regulatory timeline

Built from our lineage records — each fact carries its provenance; missing history simply is not shown (never guessed).

When do the revised locker guidelines take effect?

The revised instructions come into force from January 1, 2022, and apply to both new and existing safe deposit lockers and safe custody articles.

What is the key change in bank liability under the new rules?

The circular differentiates liability: banks are not liable for losses from natural calamities or sole customer negligence, but are liable for events like fire, theft, burglary, or employee fraud.

Do we need a new Board-approved policy for lockers?

Yes, banks must frame their own Board-approved policy and operational guidelines taking into account the revised instructions, superseding earlier policies.

📜 This document’s life story (1 recorded event, each backed by RBI’s own words)
Repealed by RBI/2025-26/100 — Consolidation of Regulations — Withdrawal of circulars (28 Nov 2025)
RBI’s words: “Official withdrawal register entry #288: DOR.LEG.REC/40/09.07.005/2021-22 — "Safe Deposit Locker / Safe Custody Article Facility Provided by the Banks - Revised Instructions" dated August 18, 2021”
📜 Read the original circular — full text as issued by RBI
RBI/2021-2022/86 DOR.LEG.REC/40/09.07.005/2021-22 August 18, 2021 All Scheduled Commercial Banks (including RRBs) All Co-operative Banks All Small Finance Banks All Payments Banks All Local Area Banks Madam/Sir, Safe Deposit Locker/Safe Custody Article Facility provided by the banks- Revised Instructions Please refer to the extant instructions issued to Regulated Entities (REs) by the Reserve Bank on the above subject. Taking into consideration the various developments in the area of banking and technology, nature of consumer grievances and also the feedback received from banks and Indian Banks’ Association (IBA), Reserve Bank of India (‘the Reserve Bank’) has reviewed the guidelines/instructions issued on the above subject. The review also takes into account, the principles enumerated by the Hon’ble Supreme Court in ‘Amitabha Dasgupta vs United Bank of India’, (Judgment dated February 19, 2021 in CA No. 3966 of 2010). 2. Accordingly, in exercise of the powers conferred by Section 35A and Sections 45ZC to 45ZF of the Banking Regulation Act, 1949, read with Section 56 of the Act ibid and all other provisions of this Act or any other law enabling the Reserve Bank in this regard, the Reserve Bank being satisfied that it is necessary and expedient in public interest to do so, hereby issues the detailed revised instructions on the above subject. The revised instructions, attached as Annex to this circular, are issued in supersession of the earlier instructions issued by the Reserve Bank on the subject as listed in the Appendix . The banks are advised to frame their own Board approved policy/ operational guidelines in this regard taking into account the revised instructions. 3. The revised instructions shall come into force with effect from January 1, 2022 (except where otherwise specified) and be applicable to both new and existing safe deposit lockers and the safe custody of articles facility with the banks. Yours faithfully, (Thomas Mathew) Chief General Manager ANNEX Safe Deposit Locker / Safe Custody Article Facility- Revised Instructions (Circular No. DOR.LEG.REC/40/09.07.005/2021-22 dated August 18, 2021) INDEX
Reproduced for reference with acknowledgment — Source: Reserve Bank of India · RBI/2021-2022/86 · issued 18 Aug 2021. The plain-English explanation above is BankPulse’s own independent summary.
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BankPulse Compliance Evidence Pack — generated 03 Aug 2026 · status cross-checked against RBI’s official withdrawal register (refreshed weekly).
Official RBI source: https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12146&Mode=0 — Plain-English summary by BankPulse (bankpulse.ai), reviewed by our expert reviewer, CA Amit Jain. Independent platform, not affiliated with the Reserve Bank of India; is our own plain-English paraphrase, not RBI’s original wording.
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