Keep your valuables safe. Ensure peace of mind.

Opt for Safe Deposit Lockers and get multiple benefits.

  • Benefits
  • Features
  • Documents Required
  • Most Important Terms and Conditions (MITC)

Safe Deposit Lockers : Features

  • One of the safest ways to store valuables like jewellery, important documents and other precious items is safe deposit vaults or bank lockers.
  • The relationship between Bank and locker hirer is of lessor and lessee, each locker hirer is charged an annual locker fee for holding the locker with the Bank.
  • The amount depends on various factors such as size of locker, location of the Branches such as Metro and Urban or Semi Urban and Rural.
  • ‘Dual control’ is the special feature of our locker which enhances the safety of the locker.
  • Your valuables with us are 100 times secured of your annual locker rent.*
  • Upto 50% discount in locker rent available with us.*
  • Prompt allotment of locker by Branch and through various digital channels.
  • Nomination facility is available.
  • Hassle free payment option through auto deduction of locker rent.

* Condition Apply

Safe Deposit Lockers : Documents Required

Safe Deposit Lockers : Most Important Terms and Conditions (MITC)

Allotment and Operations of Locker

  • Locker facility is provided by the bank at its select branches.
  • For obtaining a locker at the Bank of Baroda, you must be an account holder with our Bank.
  • Lockers can be allotted both individually (except minor) as well as jointly.
  • NRIs do not require any prior permission from the RBI to hire a Locker with the Bank of Baroda.
  • The lockers will be allotted on first come first served basis to the customers only
  • At the time of hiring the locker, bank will obtain a minimum-security deposit in the form of FDR from the lessee for the amount which would cover 3 years rent and the charges for breaking open the locker in case of such eventualities.
  • The security deposit will be kept under Bank’s lien in respect of rentals and other dues on locker services viz. breaking open/replacement of lock in case of loss of keys, etc.
  • An acknowledgement will be issued by the bank for fixed deposit to be kept as security deposit.
  • The hirer of the locker will be provided the copy of the agreement i.e. 'Memorandum of Letting' by the bank.
  • Loss of key should be immediately informed to the Branch. The bank shall not be responsible for any loss. Charges for opening the locker, or replacing the lost key, and for changing the lock shall be payable by the Renter/s.
  • The renter is required to operate the locker at least once in every six months and if the locker remains unoperated for more than a year from the last date of operation then the Bank will have a right to cancel the allotment of the locker by giving a notice for security reasons and treat the Renter/s as a defaulter, notwithstanding that the rent has been paid up to date.
  • The locker will be operated during the specified timing displayed at the branches.

Benefits of Nomination/Survivorship Clause

  • The Bank has the facility of nomination in case of deposit of Locker and safe custody articles facility. However, the facility of nomination is not available in case of deposit of safe custody articles by more than one person.
  • In the event of the death of one of the joint holders of locker/safe custody, the right to the contents of the locker or the articles under safe custody does not automatically devolve on the surviving joint holder, unless there is a nomination/survivorship clause.
  • The customers are, therefore, advised to make nomination/open joint accounts under survivorship clause in their own interest.

Access to the Survivor(s)/Nominee(s)/Legal Heir(s) with Survivor/Nominee Clause

  • If the sole locker hirer nominates a person, bank will give to such nominee access of the locker and liberty to remove the contents of the locker in the event of the death of the sole locker hirer.
  • In case the locker was hired jointly with survivorship clause and the hirers instructed that the access of the locker should be given over to"either or survivor", "anyone or survivor" or "former or survivor" or according to any other survivorship clause, bank will follow the mandate in the event of the death of one or more of the locker-hirers
  • The similar procedure will be followed for return of articles placed in the safe custody to the survivor/nominee.
  • In case the locker was hired jointly with the instructions to operate it under joint signatures, and the locker hirer(s) nominates person(s), in the event of death of any of the locker hirers, the bank may give access of the locker and the liberty to remove the contents jointly to the survivor(s) and the nominee(s).
  • The claimants will have to establish their identity and submit documentary proof in respect of death of the locker hirer.
  • In such cases, the Bank will not insist on production of succession certificate, letter of administration or probate, etc., or obtain any bond of indemnity or surety from the survivor(s)/nominee(s).
  • There should not be any order from a competent court restraining the bank from giving access to the locker of the deceased.
  • In case of locker/safe custody with nomination/survivorship clause the bank will demand only following papers:
      - Copy of death certificate (duly certified from original).
      - Duly filled in claim application in the prescribed form no. 352.
      - Stamped receipt for discharged safe custody receipt/locker.
  • The access given to the survivor(s)/nominee(s), subject to the applicable conditions, would constitute a full discharge of the bank's liability and the bank will not insist on production of succession certificate, letter of administration or probate, etc., or obtain any bond of indemnity or surety from the survivor(s)/Nominee(s).

Access to the Survivor(s)/Nominee(s)/Legal Heir(s) without Survivor/Nominee Clause

In case where the deceased locker hirer/depositor of the articles under safe custody had not made any nomination or clear survivorship clause, the access may be provided to the legal representative of the deceased based on Succession Certificate or Probate of a WILL or Letter of Administration.

  • In such cases the bank will give access to their legal heir(s)/legal representative on the basis of following documents:
      Copy of death certificate (duly certified from original)
      Duly filled in claim form together with surety letter
      Legal representation i.e. succession certificate or letter of administration or Probate of Will.
      Stamped receipt for discharged safe custody/Locker receipt.
  • However, in case the contents of the locker are not of great value, the Bank may at its discretion allow the heirs of the deceased to see the contents of the locker after fulfilling certain conditions and thereafter access to the locker may be allowed if the Bank deem fit so.

General Guidelines

The Renter/Lessee and depositor of safe custody articles are advised that access to locker/safe custody articles may be given to survivor(s)/nominee(s) only as a trustee of the legal heirs of the deceased locker hirer/depositor of safe custody articles on the condition that such access if given to survivor(s)/nominee(s) shall not affect the right or claim which any person may have against the survivor(s)/nominee(s) to whom the access is given.

Revised Penalty Provisions for Payment of Locker Rent After Due Date

When annual locker rental is up to Rs. 3000

Rs. 200 p.m. or part thereof for first 3 months and Rs. 50 p.m. thereafter.

When annual locker rental is above Rs. 3000

Rs. 500 p.m. or part thereof for first 3 months and Rs. 100 p.m. thereafter.

Charges for lockers operation more than 12 times a year

Rs. 100 per occasion


  • The revised locker rent will be applicable to the existing customers whose rent becomes due after 31/10/2015 and to all new lockers allotted on and after 01/11/2015.
  • The existing system of giving 10% discount in rent, when the rent is paid in advance for 3 years and above, will continue. 20% discount in locker rent in case of Premium current account and Premium current account privilege customers if rent is paid in advance for a period of three years and above.
  • The revised penalty will be recovered from those locker holders who fail to pay the locker rent on due date.
  • The locker holders, in their own interest, are requested to give standing instruction to the branch for auto debit of rent on due date to their account to avoid penalty for late payment of rent beyond due date.
  • Allotment of lockers is on first-come-first served basis. For this purpose, a wait list is maintained.
  • 80% of the lockers are allotted strictly as per the wait list, while 20% can be allotted at the discretion of the Branch Manager having regard to business considerations.
  • In case of breaking open of the locker, Rs. 1000 to be recovered as incidental charges over and above actual cost incurred for the same.
  • Bank will obtain security deposit in the form of fixed deposit which would cover 3 years rent and the charges for breaking open the locker and it kept in RIRD scheme of time deposit. No receipt will be issued for security deposit. However, an acknowledgement will be given to the depositor.
  • Operation in the lockers will be stopped if rent is not paid on due date. The Bank reserves the right to revise the rentals/security deposit amounts and existing Renter/s shall be given notice of revised rentals/security deposit amount and their effective dates through branch notice board and/or bank’s website

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Frequently Asked Questions (FAQs)

  • What is a bank locker?

    Bank locker facilities, which are safe deposit boxes that let customers store their valuables and important items safely, are one of the ancillary services that banks offer to their clients.

  • What are the rules for lockers in banks?

    A "Lessor and Lessee" (Licensor and Licensee) relationship exists between the bank and the person who hired the locker. The person who rents a safe deposit box is the lessee, and the bank is the lessor (licensor). No illegal or dangerous items may be kept in the safe deposit box by the locker-hirer(s). Each year, locker rent must be paid. If the locker rent is paid in advance for three years, locker renters will receive a 10% discount. Locker rent charges are collected in advance. In the event of the surrender of a locker by a customer, the proportionate amount of advance rent collected shall be refunded to the customer.

  • How to open Locker in Bank?

    After meeting the requirements of the Global KYC-AML-CFT Policy of the Bank (as updated from time to time) and subject to ongoing compliance, customers may open a safe deposit locker facility. In accordance with CDD requirements, he or she should be asked to open a savings or current account. No matter what rights or capacities any given customer may have when renting a locker, due diligence must be done.

  • What is a bank locker rental?

    With effect from June 20, 2019, the following are the locker service fees charged by the bank (exclusive of GST):

    Class of Locker

    Metro / Urban

    Semi-Urban / Rural













    E, H-1


















  • What can be kept in a bank locker?

    Only legal uses, such as the safekeeping of valuables like jewellery and important documents, are permitted for bank lockers.

  • Is it safe to keep cash in a bank locker?

    Bank lockers are only meant to be used for legal reasons, such as keeping valuables like jewelry and important papers safe. They are not meant to be used to keep money or cash.

  • How safe are bank lockers?

    The area where the locker facility is located is properly secured to deter thieving break-ins. Entry and exit to the locker room/vault shall be through a single, clearly marked point. If necessary, the location where the lockers are kept can be made sufficiently secure to guard against the risk of flooding or rainwater getting in and causing damage to the lockers. Additionally, it's important to evaluate and reduce the area's fire hazard risks. CCTV cameras may be used to record the entrance and exit to the strong room as well as the common areas of operation. Keeping priceless jewellery and important documents in bank lockers is thought to be the safest option.

  • What cannot be stored in the locker?

    (a) Weapons, explosives, drugs, or other illegal substances; or
    (b) Any perishable, radioactive, illegal, or otherwise hazardous material; or
    (c) Any substance that might endanger the Bank or any of its clients or pose a hazard to them.

  • Which documents are required for availing the bank locker facility?

    After meeting the requirements of the Global KYC-AML-CFT Policy of the Bank (as updated from time to time) and subject to ongoing compliance, you may use the safe deposit locker facility.

    In accordance with CDD requirements, they should be asked to open a savings or current account. All customers, regardless of their rights or roles in renting the locker, must undergo due diligence.

  • How are safe deposit lockers operated?

    One unique aspect of the locker is that the locks installed in them have dual control, meaning that only two keys—one belonging to the hirer and the other to the branch company's locker custodian—can be used to open them. However, once it is opened, the locker can be locked with just the hirer's key; the custodian's key is not required.

  • Is it safe to keep gold in bank lockers?

    The safest place to keep priceless jewelry, critical documents, and certificates is thought to be a bank locker.

  • Is a nomination facility available for safe deposit lockers?

    According to the Banking Regulation Act of 1949 and the Banking Companies (Nomination) Rules of 1985/Co-operative Banks (Nomination) Rules of 1985, a nomination facility must be provided for safe deposit boxes.

  • What if I lose the safety locker key?

    If the key to the bank-provided locker is lost by the locker-hirer, the customer (who is also the locker-hirer) must notify the branch right away. Additionally, the customer may agree to hand the branch the key if it is ever discovered locked in the future. The hirer may be held liable for any fees associated with opening the locker, changing the lock, and obtaining a replacement key.

  • What if the safety deposit locker is not used?

    The branch is free to transfer the contents of the locker to the hirer's nominees or legal heirs or dispose of the items in a transparent manner, as the case may be, if the locker is inoperable for a period of seven years and the locker-hirer cannot be found. This applies even if rent is being paid on time.

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