What are the rules regarding theft of goods from bank locker? Know the complete process of compensation and complaint

Bank Locker Compensation Rules In India: For a secure future, people keep their precious jewelery and documents in bank lockers. RBI has made very strict and clear rules for the security of bank lockers. If items are stolen from the locker, it is important to know the process of getting compensation.

bank locker facility

Bank locker is a safe box made of very strong metal. It is kept inside the most secure strong room or vault of the bank. Customers can keep their jewelery and documents safe here by paying a fixed fee.

Security and Access Systems

Dual-key system is used to ensure the security of these lockers. Access to the locker is given only to the customer or the person authorized by him. Some modern banks now provide digital access for the security of customers.

Necessary steps in case of theft

If items are stolen from the locker, file a written complaint immediately. After this, it is very important to go to the nearest police station and lodge an FIR. This FIR will become a legal document for compensation and insurance claims in future.

RBI compensation rules

RBI rules say that the bank will be held liable for theft. If the theft happened due to the negligence of the bank, you can get huge compensation. In such a situation, the bank will have to pay compensation 100 times the annual rent.

standards of bank negligence

Bank negligence includes security lapses or employee fraud. The bank cannot avoid compensation if a flaw is found in the security system. These guidelines of RBI specifically protect the interests of the customers.

Responsibility in natural disasters

If the goods are damaged due to natural calamity like earthquake or flood. In such a situation, the responsibility of the bank is quite limited as per the rules. Therefore, insuring valuables is a very wise decision.

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If goods are damaged

If the contents of the locker are damaged due to structural problem of the bank. In such a situation, the bank will be held responsible for poor maintenance of the vault. In one case, notes worth Rs 18 lakh kept in the locker were turned into powder.

Insurance and other options

Many banks now also offer insurance cover for their locker contents. If your locker is under insurance then you can make a claim from the company. By having insurance, it is very easy to get full compensation for unexpected losses.