Bank Locker Rules: If your belongings are stolen or damaged in your bank locker, how much responsibility will the bank have? How will compensation be provided according to RBI regulations, and in which situations will the bank grant a claim, and in which cases will it not? Learn the full details in simple language.
Bank Locker Rules: People don’t consider their homes safe enough for gold and silver jewelry and valuables, so they rent lockers from banks. While bank locker security is often quite robust, have you ever wondered if the bank will compensate if the contents are stolen or damaged in a fire, flood, earthquake, or other similar events? Most people believe that all items kept in a bank locker are the bank’s responsibility, but this isn’t entirely true. Learn more here.
Bank and Customer Relationship
When you rent a bank locker, it’s not a relationship between a bank and a customer, but rather a relationship between a landlord and a tenant. Just as a landlord doesn’t take responsibility for the tenant’s belongings, the bank doesn’t ask for or assume responsibility for what or how much is stored in the locker. Therefore, there’s no obligation to provide a list of the contents or disclose their value.
Locker Agreement: What is it?
When purchasing a locker, a Memorandum of Letting is signed between the bank and the customer, which states that the bank will take necessary security measures. However, the bank will not be responsible for natural disasters such as earthquakes, fires, floods, riots, or any other event beyond the bank’s control. However, effective January 1, 2022, the RBI has slightly changed these rules.
New RBI Rules
- In the event of theft, fraud, fire, or building collapse, banks’ liability will be up to 100 times the annual locker rent.
- Banks must take all necessary steps to ensure locker security. Customers will be alerted by the bank via email and SMS whenever they access their locker.
- Locker room visitors are now required to be monitored via CCTV. CCTV footage will also be stored for 180 days.
- If it is proven that the loss of locker contents was due to the connivance of a bank employee or due to negligence in security, the bank is held responsible.
Conclusion
If you have gold, valuable documents, or expensive jewelry, locker storage is a safe option. However, don’t assume that a bank locker is 100% risk-free. While new RBI regulations have strengthened customer rights, some limitations still exist. Locker insurance is essential for its safety.
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