Bank Locker Theft Rules: Reserve Bank of India (RBI) has made clear rules regarding bank lockers. If the locker or its contents are damaged due to the negligence of the bank, the bank will be responsible for compensating the customer.
Locker Theft Loss Compensation Rules: A large number of people in the country avail the facility of bank locker to keep their valuables and important documents safe. People keep jewellery, gold and silver and important documents in it. But if an incident like theft, robbery or fire occurs in the bank and the goods kept in the locker are stolen or damaged, then the question arises that who will compensate for it. Let us know what the RBI rules say about this?
What does RBI rule say?
The Reserve Bank of India (RBI) has made clear rules regarding bank lockers. If the locker or its contents are damaged due to the negligence of the bank, the bank will be responsible for compensating the customer. In case of theft, burglary, robbery, fire, building collapse or fraud by a bank employee, the bank becomes responsible. In such cases, the customer can get compensation up to 100 times the annual rent of the locker. For example- if the annual rent of a locker is Rs 2,000, then a maximum compensation can be given up to Rs 2 lakh.
Compensation will not be given in these circumstances
If the locker or belongings are damaged due to natural calamity like earthquake, flood, lightning or storm, the bank will not be responsible for it. Similarly, if the customer did not close the locker properly, lost the key or gave the password information to someone and due to this the goods went missing, then compensation cannot be demanded from the bank.
Do banks insure the contents of locker?
People often think that the goods kept in bank locker are also insured by the bank, but it is not so. The bank does not know what things the customer has kept in the locker. Therefore, to get the valuables separately insured, the customer can take a jewelery or locker insurance policy himself.
Be sure to understand the rules while taking a locker
Before buying a locker, it is important to read the bank’s agreement and all the terms and conditions carefully. Under the instructions of RBI, the bank has to clearly give information about compensation and other conditions in the agreement to the locker. Therefore, before buying a locker, understand these rules, so that you are aware of your rights if needed.
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