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
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.
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