Employees of Deposit money banks especially those in Awka metropolis have faced several challenges as a result of many restructuring exercises undertaken in response to globalization. These restructuring exercises may have put a strain on their relationship with their employers leading to a feeling of violation, anger, betrayal and resentment. This study seeks to determine the influence of the psychological contract in achieving employee retention in Deposit Money Bank in Awka metropolis. The study adopted survey method by using a structured questionnaire to collect primary data using a 5 point likert scale. The sample size of the study is 127 randomly selected employees of the banks surveyed. Data for the study were analyzed using Pearson Correlation Coefficient. The findings of the study show that there is a significant positive relationship between relational psychological contract and employee loyalty while there is a weak positive relationship between transactional psychological contract and employee job satisfaction. The study therefore concludes that a positive relationship exists between psychological contract and employee retention in Deposit Money Banks in Awka Metropolis. The study recommended that employers in the banking sector should seek to understand the make-up of the psychological contract of their employees when planning their retention strategies while at the same time paying attention to relational psychological factors to ensure employee loyalty.