Bank Locker Rules: How safe is the stuff kept in the bank locker, the bank will not compensate, know the rules..

Bank Locker Rule: Millions of people in the country use bank lockers to keep their valuable assets like gold, silver, and cash safe. These safes of Indian banks are to keep people's property safe. However, loss may occur due to theft, fire, flood, or natural disasters. In case of such incidents, it is very important to understand the rules of Indian banks.

If your valuables in a bank locker get stolen or damaged due to flood, earthquake, riot, terrorist attack, customer negligence, etc. then the first expectation would be from the bank to compensate for this loss, but it is not so. According to the Reserve Bank of India, the banking unit is not responsible for the valuables kept in its locker.

The liability will be 100 times the rent -
In case of incidents like fire, theft, dacoity, building collapse, or fraud committed by its employees, the liability of the Bank will be only equal to 100 times the annual rent for the safe deposit locker. Here also the compensation you get is very low. Suppose if the annual locker fee is one thousand rupees then the bank will give only one lakh rupees, no matter how much valuable property is there in your locker.

Banks take more precautions -
Banks have to take more precautions to keep customers' assets safe. However, the Bank takes no responsibility in case of damage or loss of locker contents due to earthquakes, floods, and other natural calamities. According to experts, the bank bears the liability due to the negligence of the bank.

Why are banks not responsible for losses?
The reason why there is no responsibility to compensate for the entire loss of property deposited in the bank is that the banks themselves do not know what is kept in the locker nor do they know its value. Customers are also not obliged to disclose the price of their locker. In such a situation, it becomes impossible to put a price on compensation.
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