Bank Locker Rules: The items kept in the bank locker are not insured by the bank. If the customer wants, he can get the jewellery or valuables insured from insurance companies.
Banks provide locker facilities to their customers. You can keep your valuables and documents in the locker. Recently, after 145 grams of gold and diamond jewellery kept by a woman in a State Bank of India (SBI) locker went missing in Bengaluru, the security of bank lockers and the rules related to it are in the news. Many people have this question in their mind that if any valuable thing kept in the bank locker is lost or stolen, will the bank compensate the customer for the loss?
According to the rules of the Reserve Bank of India, if the items kept in the locker are damaged due to the negligence of the bank or lapse in security, then the bank will have to compensate for the loss. Banks are responsible for incidents like fire, theft, robbery or building collapse. Yes, if the items kept in the locker are destroyed due to natural disasters like floods or earthquakes, then the bank will not be responsible and will not compensate the customer for the loss. But, if the bank has not made the prescribed arrangements to protect against natural disasters, then it may have to compensate the customer.
How much compensation will be received?
It is also important to know here that if the item kept in the locker is lost or destroyed, the bank does not pay the full value of that item to the customer. The compensation is only up to 100 times the annual rent. For example, if the annual rent of the locker is ₹ 1000, then the maximum compensation can be up to ₹ 1 lakh only.
What to do if items are stolen or tampered with in the locker?
- First of all, file an FIR in the nearest police station.
- Immediately submit a written complaint to the bank and take its receipt.
- Ask the bank for the CCTV footage of the locker room.
- If the bank’s response is not satisfactory, a complaint can be made to the RBI’s Banking Ombudsman.
Are the things kept in the locker insured?
No, the items kept in the bank locker are not insured by the bank. If the customer wants, he can get the jewelry or valuables insured from the insurance companies. Such insurance also has the facility that if the insured item is kept in the locker and is stolen or damaged, then the insurance company gives compensation.
The agreement is done on stamp paper
RBI had issued revised rules for Safe Deposit Locker in August 2022, which have been applicable to old locker holders from January 2023 and to new customers from January 2022. Under these rules, it is now necessary for banks to enter into a locker agreement with the customers on a new stamp paper. Banks can charge rent for a maximum of three years at one time. The bank has to make public the information about vacant lockers and waiting lists.
