RBI's new bank locker rules Explained: Access, safety, and more

The government has simplified the rules for bank lockers. On April 16, 2025, the government implemented a new rule that simplifies the process of creating a nominee for a bank account and locker.

Bank Locker:

The government has simplified the rules for bank lockers. A new rule implemented on April 16, 2025, simplifies creating nominees for bank accounts and lockers. Now, you can nominate up to four people.

Two ways to create a nominee:

Simultaneous – All four nominees receive funds in a predetermined share. Consecutive – Only the first nominee receives the funds. If unavailable or refuses, the right passes to the second, then third, and finally the fourth nominee.

Nomination

For items in a bank locker or bank safe, only one nomination is valid. Four nominees can be designated consecutively. Without a nominee, claimants must provide documents like a will or succession certificate, which can be lengthy and cumbersome.

How to retrieve old or forgotten money:

Bank deposits inactive for 10 years go to RBI's DEA fund, but can be retrieved from your bank. Unclaimed investments and dividends in company securities after 7 years go to the IEPF fund. Nominate for your bank account and locker to avoid issues for your loved ones.