Lost Your Bank Locker Key? Here's What to Do and the Costs Involved

• Losing a bank locker key initiates a complex process involving paperwork, verification, and costs, as banks do not keep spare customer keys.
• Immediately inform your bank branch in writing; you may need to submit an indemnity or lodge a police complaint.
• RBI Master Direction mandates a transparent 'break-open' procedure in the presence of the customer and independent witnesses.
• The customer bears the financial cost of breaking the locker and replacing the lock, but the bank is responsible for the process and its consequences.
• Banks can deny locker access for failure to sign revised agreements, non-payment of rent, or a court order.

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