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Bank Locker Theft Compensation Depends on Proven Negligence

Bank locker theft: Will you get your money back if jewellery goes missing? · livemint.com

Bank lockers are designed to help people protect valuable items.

However, they are not completely risk-free.

If jewellery is stolen, the bank does not automatically pay for its full value.

The customer must show that the bank was careless or had a security failure.

If this is proven, the bank can pay up to 100 times the yearly locker rent.

For example, a ₹4,000 annual rent could mean a maximum payment of ₹4,00,000.

Banks do not keep a list of what customers put inside lockers.

The rules also require security measures such as cameras, controlled access and fire-resistant vaults.

A nominee or legal heir may receive the locker within 15 days after submitting the required documents.

Key facts

Regulator: Reserve Bank of India
Compensation limit: Up to 100 times the annual locker rent when bank negligence or a security failure is proven
Example: A ₹4,000 annual locker rent can result in maximum compensation of ₹4,00,000
Inventory records: Banks cannot ask customers what is stored inside lockers or maintain an inventory of contents
Security requirements: CCTV surveillance, secure access control, fire-resistant vaults and natural-disaster readiness
CCTV retention: Footage must be retained for 180 days
Succession: Nominees or legal heirs can receive lockers within 15 days after submitting proper documents

livemint.com · 1 day ago