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Bank Locker Rules: How much compensation will the bank give if you lose your property kept in the locker, know the new rules

Bank Locker Rules: If you have kept valuable assets like gold, silver and cash etc. in the bank locker, then what is the liability of the bank in case of fire, flood and theft? You should know this rule.

Bank Locker Rule: Millions of people in the country use bank lockers to keep their valuable assets like gold, silver and cash safe. These safes of Indian banks are to keep people’s property safe. However, loss may occur due to theft, fire, flood or natural disasters. In case of such incidents, it is very important to understand the rules of Indian banks.

If your valuables in a bank locker get stolen or damaged due to flood, earthquake, riot, terrorist attack, customer negligence etc. then the first expectation would be from the bank to compensate for this loss, but it is not so. According to the Reserve Bank of India, the banking unit is not responsible for the valuables kept in its locker.

The liability will be 100 times the rent

In case of incidents like fire, theft, dacoity, building collapse or fraud committed by its employees, the liability of the Bank will be only equal to 100 times the annual rent for the safe deposit locker. Here also the compensation you get is very less. Suppose if the annual locker fee is one thousand rupees then the bank will give only one lakh rupees, no matter how much valuable property is there in your locker.

Banks take more precautions

Banks have to take more precautions to keep customers’ assets safe. However, the Bank takes no responsibility in case of damage or loss of locker contents due to earthquake, flood and other natural calamities. According to experts, the bank bears the liability due to the negligence of the bank.

Why are banks not responsible for losses?

The reason behind why there is no responsibility to compensate for the entire loss of property deposited in the bank is that the banks themselves do not know what is kept in the locker nor do they know its value. Customers are also not obliged to disclose the price of their locker. In such a situation, it becomes impossible to put a price on compensation.

Shyamu Maurya
Shyamu Maurya
Shyamu has done Degree in Fine Arts and has knowledge about bollywood industry. He started writing in 2018. Since then he has been associated with Informalnewz. In case of any complain or feedback, please contact me
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