Bank Locker Compensation: How much compensation will be given if goods kept in bank locker are stolen, definitely know this...


Many times it is seen that due to some reason, the goods kept in the bank locker go missing. How much compensation will customers get if this happens? Let us know what are the rules regarding this.


How much compensation is given for theft from a bank locker?
The bank is responsible for the proper functioning of the locker and its complete security. In such a situation, if there is any loss to your locker due to the negligence of the bank, the bank will be responsible for it and you will be given appropriate compensation.

At the same time, if your belongings go missing from a bank locker due to theft, robbery, or building collapse, then as per the rules, the bank will give you 100 times the amount of locker rent as compensation. For example, if the rent for your lock is Rs 3,000, then if items go missing from the bank locker due to theft, robbery, or building collapse, you will be given Rs 3,00,000 as compensation.


According to the information given on the SBI website, it is the responsibility of the branch to ensure that no incident of theft, robbery, or building collapse takes place in the bank premises. At the same time, if the goods go missing from the locker present in the bank premises due to the above-mentioned reasons or fraud committed by the employee, then the bank will give compensation of 100 times the amount of locker rent to the customer.

What happens when the locker is inactive?
If a customer has taken the locker on rent and the rent is being paid on time but has not opened the locker for more than seven years. In such a situation the bank will consider the locker inactive. Then the nominee and legal heir will be called and the contents of the locker will be transferred in a transparent manner.
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