Jewellery missing from bank locker?Max Bank Payout Rules

So the RBI caps the payout at 100 times your annual rent. Because of this, a low-rent locker means a very small check if things go wrong.

In fact, no. The RBI says banks are not liable for u201cActs of Godu201d like floods or quakes. Consequently, you get zero if nature destroys the vault.

But yes, you definitely should. Since the bank payout is capped, only private insurance can cover the full cost of your jewellery.