Missing Valuables in Bank Locker? Here’s When the Bank Is Liable and What Customers Should Know
Missing Valuables in Bank Locker? Here's When the Bank Is Liable and What Customers Should Know
Imagine opening your bank locker only to discover that something valuable is missing. That’s exactly what happened to a woman in Bengaluru, who feared she had lost 145 grams of gold and diamond jewellery from her State Bank of India (SBI) locker. Fortunately, the jewellery was later found misplaced within the locker itself. But the incident has once again raised a critical question: Are banks responsible if your locker contents go missing?
Here’s a detailed breakdown of what customers need to know about locker security, bank liability, and their own responsibilities.
How Bank Lockers Function in India
Bank lockers are regulated by the Reserve Bank of India (RBI), alongside each bank’s internal policies. Since 2021, RBI has implemented tighter guidelines to improve safety and accountability.
Lockers operate on a dual-key system—one key is with the customer, the other with the bank. However, banks are not permitted to ask what is stored inside the locker and do not maintain any inventory of its contents.
When Is the Bank Liable for Loss or Theft?
A bank can be held accountable if there is proven negligence, such as lapses in security or procedural failure. According to RBI rules, if loss occurs due to the bank’s fault, the customer is entitled to compensation.
Maximum Compensation:
Up to 100 times the annual locker rent.
For example, a locker with ₹3,000 annual rent could fetch a compensation of up to ₹3,00,000 if bank negligence is established.
When Is the Bank Not Liable?
If no negligence is found—for instance, if a customer forgets items inside or loses the key—the bank holds no responsibility. Like in the Bengaluru case, misplaced valuables inside the locker don’t count as theft, and hence, the bank isn’t liable.
Banks carry out internal investigations in such situations and will only compensate if security failures are proven.
Steps to Take If You Suspect Theft or Tampering:
- Immediately file an FIR with the local police.
- Submit a formal complaint to your bank.
- Ask for CCTV footage of the locker area.
- If dissatisfied with the bank’s response, escalate the matter to the RBI Banking Ombudsman.
Essential Guidelines for Locker Users
- Sole Responsibility: Customers are solely responsible for the items stored inside. Banks do not maintain inventories.
- Locker Agreement: Always read and understand the terms before signing.
- Security Measures: While banks manage external security like CCTV and restricted access, contents inside the locker are not monitored.
- Insurance: Banks do not insure locker contents. Customers must purchase separate insurance policies for jewellery or other valuables.
Current Bank Locker Charges (2025 Estimate – SBI)
(Excluding 18% GST; Rent collected annually)
| Locker Size | Metro/City | Semi-Urban | Rural |
|---|---|---|---|
| Small | ₹2,000–₹3,000 | ₹1,500–₹2,500 | ₹1,000–₹2,000 |
| Medium | ₹4,000–₹6,000 | ₹3,000–₹5,000 | ₹2,500–₹4,000 |
| Large | ₹8,000–₹12,000 | ₹6,000–₹10,000 | ₹5,000–₹8,000 |
| Extra Large | ₹14,000–₹20,000 | ₹10,000–₹16,000 | ₹8,000–₹12,000 |
Late Payments: Attract penalties.
Payment Modes: Cash, cheque, or account debit.
Natural Calamities: Fire or Flood?
In cases of natural disasters like floods or fires, banks are only liable if it’s proven that their safety systems (fire alarms, waterproofing, etc.) were deficient or poorly maintained. Otherwise, compensation is not guaranteed.
Is Insurance Automatically Included?
No. Locker services do not include insurance. Customers must independently purchase insurance for valuables stored in lockers. Some private policies specifically cover items kept in bank lockers.
Access Limits and Charges
Most banks, including SBI, allow 12 free locker visits per year.
Beyond 12 visits: ₹100 + GST per extra access.
Can Banks Demand a Fixed Deposit for a Locker?
As per the RBI’s 2021 directive, banks cannot ask for large fixed deposits as a condition to allot lockers.
Exception: A small FD may be required to cover locker rent or breaking charges if rent goes unpaid.
Bottom Line
Bank lockers offer a secure space for your valuables, but ultimate responsibility lies with the customer. Unless the bank is found negligent, it’s not liable for losses inside the locker. Always stay informed, maintain a personal inventory, and consider insuring high-value items for additional protection.
Knowing your rights and the rules surrounding bank lockers can help you safeguard your valuables—and avoid unpleasant surprises.
