Lost Bank Locker Key? Here's How Banks Open It & What Fees You'll Pay

• If a bank locker key is lost, immediately inform the bank in writing to create a record and prevent misuse.
• Banks do not keep duplicate keys; lockers are opened via a 'break-open' process under RBI rules, requiring customer presence and independent witnesses.
• The customer bears the cost of breaking open the locker and installing a new lock if the key is lost due to their negligence.
• RBI rules state banks can be liable for compensation up to 100 times the annual locker rent for negligence or security breaches during the process.
• Banks can refuse locker access for reasons like unsigned agreements, unpaid rent, or court orders.

Why It Matters: Losing a bank locker key triggers a 'break-open' process, with costs borne by the customer.