Banking security systems are emerging as a matter of great importance nowadays. We are presenting here a smart security system, which has been designed to protect the bank vault from being theft or unauthorized access. This highly secured system is based on Infrared ray, GSM technology, different types of sensors (Motion sensor, Laser sensor, Sound sensor and Gas sensor), IP camera, microcontroller, keyboard, and LCD. GSM technology will be used here to send any type of warning message to the concerned phone number. According to our concept a biometric function, i.e., hand geometry, an iris scanner, a fingerprint scanner or heartbeat rate with a password/PIN can be used here which will be responsible for the fine security of the principle gate of the vault. It may also include Infrared radiation between the walls of bank vault room to provide increased security of the vault. The walls of the vault room is specially designed in two sections maintaining collateral gap where the Infrared radiation will pass from the Infrared radiation sources to prevent any accident like wall break robbery. The proposed security system of the bank vault has been implemented as well as tested several times and found more effective than the other existing security systems.