A bank locker is generally considered the most trusted place to store valuable jewellery and important documents. However, if items get stolen from the locker itself, what options are available to the customer? How much responsibility does the bank hold and how can compensation be claimed? There is often confusion around these questions. Here is what the rules say and what steps you must take if your valuables are stolen.
A bank locker is a secure metal box kept inside the strong room or vault of a bank. This facility is meant for customers who want to store important documents, jewellery or other valuables with an additional layer of security. Customers can rent a locker by paying a prescribed fee. Access is given only to the customer or an authorised person. Banks use a unique key, dual key systems or digital access mechanisms to ensure safety. These layers of security are designed to prevent unauthorised access.
What to do if your locker is burgled
- If you find theft from your bank locker, your first step should be to file a written complaint with your bank branch. The bank must conduct an internal investigation and verify whether the locker or its contents have been damaged or stolen.
- Next, register an FIR at your nearest police station. This is mandatory for legal documentation and is crucial for compensation or insurance claims.
- If the investigation proves that the theft occurred due to negligence by the bank, such as weak security or misconduct by staff, then the bank becomes responsible for the loss. As per RBI guidelines, the bank must provide compensation.
- Many banks also offer insurance coverage for items stored in lockers. If your locker is insured, you can file a claim and recover your loss through the insurance company.
What happens if your locker items are stolen
If valuables are stolen due to the bank’s negligence such as security lapses, fraud or failure of safety systems, the bank is liable for compensation. According to Reserve Bank of India guidelines, the bank must compensate the customer up to 100 times the annual locker rent. This ensures recovery of losses and also places pressure on banks to strengthen security systems.
If your locker or items get damaged
If your locker or the items inside are damaged due to the bank’s fault, such as poor maintenance of the vault or structural issues, the bank can be held accountable. However, if the loss is caused by natural disasters like earthquakes, floods or other unavoidable events and there is no negligence from the bank, the liability may be limited. This is why customers should also insure their valuables to safeguard against unforeseen losses.
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