Bank Locker Rules: The theft of jewelry worth ₹60 lakh from a bank locker in Delhi is generating widespread discussion on social media. You should know that if items kept in a bank locker are stolen, banks are only liable to pay compensation of 100 times the annual rent.
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Bank Locker Rules: A woman in Delhi is claiming that jewelry worth ₹60 lakh (approximately $1.6 million) was stolen from her bank locker. She subsequently reported the incident to bank officials and the police. She claims the theft occurred in her locker. When this incident came to light, other people with lockers at the same bank also came to check on their belongings. However, no other lockers have been reported stolen.
This incident has prompted many people to question how safe are the items stored in bank lockers? If a similar incident were to happen to you, how much compensation could you expect the bank to provide?
How much compensation will you receive if your bank locker’s belongings are stolen?
According to Reserve Bank of India rules, if the bank’s negligence causes damage to the contents of a locker, theft, robbery, arson, or other such incidents, the bank’s liability in such cases is limited to 100 times the annual rent. This means that if you’re paying ₹3,000 annually as locker rent, no matter how valuable your belongings are, you’ll only receive compensation up to ₹300,000 (₹3,000*100).
What Experts Say
Apoorva Agarwal, founder of Mumbai-based Universal Legal, says about bank locker regulations that even if you provide the bank with information about the contents of the locker and its value, the bank’s legal responsibility does not increase. This is based entirely on a lessor-tenant system. The principle behind this is clear: the bank neither verifies nor takes possession of your belongings. Therefore, even if jewelry or other valuables are stolen from the locker, the bank cannot be held responsible for paying their market value. Even in cases of theft, fire, or burglary due to bank negligence, the maximum compensation is limited to 100 times the locker’s annual rent.
