Bank Locker Rule: The bank does not take responsibility in these cases, know rules here

Bank Locker : Due to increasing incidents of theft these days, many people rent bank lockers to keep their valuables safe. But do you know? If any item is stolen from your locker, the bank does not take responsibility for it.

Banks give compensation only in some cases. Let us know about the rules for keeping your belongings in a bank locker.

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The bank does not take responsibility in these cases

When you rent a locker from a bank, it is similar to the relationship between a landlord and a tenant. Just as a landlord does not take responsibility for the belongings of the tenant, the bank does not take responsibility for the items kept in your locker.

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There is a contract between you and the bank which states that they will not be liable for any damage in case of natural disasters or other unforeseen events. The bank will try to keep your belongings safe, but they will not take responsibility for any potential damage.

This is what RBI rules say

RBI has implemented new rules for lockers from January 2022. Due to which banks can no longer escape responsibility for the items kept in the locker. If there is any mishap like theft, fraud, fire or building collapse, the bank’s liability is limited to 100 times the annual rent. Banks also have to ensure that the locker is secure and inform customers via email and text if someone accesses it.

All locker rooms now require CCTV surveillance and the footage has to be saved for 180 days. If a bank employee messes up and breaches security or loses something from the locker, the bank has to take the blame.

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