Relying on a Bank Locker? Here’s What You Need to Know

Recent bank locker disputes across several cities have raised concerns about the safety of valuables kept in lockers. Cases reported from Bengaluru and Delhi revealed incidents where gold ornaments worth ₹24 lakh and ₹60 lakh reportedly went missing from bank lockers, leaving customers shocked and disappointed.

According to RBI guidelines, banks are liable to compensate customers only up to 100 times the annual locker rent in case of loss caused by bank negligence. For example, if the yearly locker rent is ₹7,000, the maximum compensation may be limited to ₹7 lakh, even if valuables worth several times more are lost.

Financial experts advise adopting a multi layer protection strategy. Jewellery insurance, regular valuation of ornaments, home safes, home insurance, DigiLocker for documents, and maintaining copies of important records can provide better protection. Experts say that relying solely on bank lockers is no longer sufficient for safeguarding valuable assets.