Will You Get Compensation If Your Jewelry Is Stolen from Bank Locker?

Understanding the latest RBI rules, bank responsibilities, and what customers must do to protect their valuables

Bank lockers are often seen as the safest place to store jewelry, documents, and other valuables. But what happens if something gets stolen or goes missing? Will the bank compensate you? As per the updated Reserve Bank of India (RBI) guidelines for 2025, the answer is more nuanced than most people think.

Is the Bank Liable for Losses?
According to the RBI, while banks are expected to take robust measures to ensure locker safety, they are not directly liable for losses unless negligence on their part is proven. When a customer signs a locker agreement, the bank typically outlines its limited liability clearly.

RBI’s Key Guidelines on Locker Safety:

• Banks must install advanced security measures like CCTV, biometric access, and dual-locking mechanisms.
• They must also maintain logs of access and secure locker rooms at all times.
• Customers are advised to report any suspicious activity or theft immediately in writing and lodge a police complaint.

Will You Get Compensation?
Compensation depends on:Bank’s fault or negligence: If a bank fails to maintain security and valuables are stolen, compensation is possible through legal channels.

Locker insurance: Most banks do not provide automatic insurance for locker contents. However, some offer optional insurance, or customers can take private insurance for valuables like jewelry or important documents.

Steps to Take If Items Go Missing:

• Inform the bank in writing and file a FIR at the nearest police station.
• Check if you have insurance and immediately initiate the claim process.
• Insist on an internal investigation by the bank to understand how the breach occurred.

Customer Responsibility and Tips:Inventory: Always keep a written list and photos of items stored in the locker.

Keys: Store your locker keys safely and report any loss at once.

Limitations: Most banks allow up to 12 locker visits per year; extra visits incur charges (e.g., ₹100 + GST per additional visit in SBI).

Understand Terms: Read and understand your locker agreement thoroughly, including the terms around access, rent, and compensation.

According to RBI norms, banks do not cover insurance automatically. For example, major banks like SBI, HDFC, and ICICI charge rent for locker usage but do not include insurance for stored contents. If desired, customers must obtain separate insurance from private providers to protect against theft, fire, or damage.

A bank locker is a relatively secure facility, but it is not risk-free. Understanding your rights, responsibilities, and the limitations of bank liability is crucial. Customers must remain proactive, ensure proper documentation, and consider insuring high-value items independently for full protection.