Bank Locker Safety: What Happens if Your Items Go Missing

While bank lockers are considered safe, it's crucial to understand the bank's responsibility and compensation in case of theft or loss. Read on for complete details about locker safety.

Bank Locker Rules

Bank lockers offer safe storage for valuables like gold. However, banks are not allowed to know the contents and shouldn't maintain records, according to RBI guidelines.

RBI Locker Guidelines

Banks are only liable if locker contents are stolen or lost due to their negligence. Compensation is limited to a certain amount.

Locker Rent

For losses due to bank's fault, customers can get up to 100 times the annual locker rent. For example, if the rent is Rs 3,000, the max compensation is Rs 3 lakh.

Locker Compensation

The bank isn't responsible if the customer loses the key or fails to keep it safe. Also, they're not liable for damages from natural disasters (fire, flood).

Locker Insurance

Banks don't insure locker contents. However, customers can get their valuables insured separately from insurance companies. This is optional.

Free Locker Access

Banks like SBI offer 12 free locker accesses per year. After that, each visit costs Rs 100 + GST. This may vary by bank.

Bank Rules

CCTV is mandatory in locker areas, with recordings kept for 180 days. Customers should get SMS/email alerts when their locker is accessed.

Locker Rent and FD

FD isn't mandatory for a locker. But if rent is overdue, a minimum FD might be asked for to cover dues and other charges.

Customer Responsibility

Bank lockers are safe, but security is a shared responsibility. Contact your bank directly for any concerns.