Lost Your Bank Locker Key? Here’s What You Need to Do

New Delhi: Bank lockers have become a common facility, with many customers using them to store important documents, jewelry, and other valuables. But what happens if you lose your bank locker key? The process to access your locker in such cases can be long and costly, say bank officials.

Bank Guidelines
Losing a locker key does not compromise the security of your valuables. However, it can create inconvenience since you will not be able to access your locker until the matter is resolved. Importantly, banks do not keep duplicate keys for customers. The procedure to open a locker without a key falls under RBI regulations.

How Locker Keys Work
Each locker comes with two keys – one held by the customer and the other, the master key, retained by the bank. Both keys are required to open the locker. In the event of a lost key, you must immediately contact your bank. The bank will ask you to sign necessary documents before initiating the process to obtain a replacement key.

Where the Second Key Comes From
According to a manager at a government bank, locker cabinets are usually manufactured by the bank itself or by specialized companies. When a key is lost, the locker number and model details are shared with the manufacturer. A technician or engineer may visit the branch to either provide a replacement key or, if that’s not possible, replace the entire locker drawer. Written permission from the customer is required to open or replace the locker, and all associated costs are borne by the customer, which can run into thousands of rupees.

Steps to Take if Your Key is Lost

1. Inform your bank immediately in writing once you realize the key is lost.
2. You may be asked to provide an undertaking.
3. The bank may also request you to file an FIR as part of internal compliance.
4. Once the process begins, it usually takes at least 15 days, and sometimes longer, to resolve the issue.

Bank officials advise customers to handle locker keys carefully, as losing them can lead to a lengthy and costly recovery process.