Bank Safe Lockers: Recently, a case came to light in which termites ate the money kept in a bank locker. Let us know what the rules for damages related to locker say…
Bank locker is considered very safe. However, a recent case has raised questions on this assumption. The matter is of Moradabad, Uttar Pradesh. In the above case, a woman had kept Rs 18 lakh in a bank locker for her daughter’s marriage, which was eaten away by termites. Now the question arises whether banks are responsible for compensating any such loss?
First of all, let us tell you that bank lockers are not for keeping cash. According to the revised safe deposit locker agreement available on the website of State Bank of India i.e. SBI, the locker can be used only for legitimate purposes like keeping valuables like jewelery and documents. You cannot keep cash or currency in bank lockers.
What cannot be kept in a bank locker?
As per the agreement, weapons, explosives or any prohibited material, perishable or perishable material, radioactive material or such material whose use is prohibited by law or such material which poses a threat to the Bank or any of its customers, should also be kept in the Bank Locker. Cannot be kept.
The Reserve Bank of India had issued a circular in this regard titled ‘Safety Deposit Locker’ in August 2021. According to this, if the goods kept in the locker are damaged due to natural disaster like earthquake, flood and storm or Act of God or any mistake or negligence of the customer, then the bank will not be responsible. However, banks will have to take appropriate steps to save the locker system from disaster.
When will banks be responsible for losses?
It is the responsibility of the banks to take all steps for the safety of the premises in which the safe deposit vaults are kept. According to RBI, it is the responsibility of the banks to ensure that incidents like fire, theft, burglary, robbery, building collapse do not occur in the bank premises due to its shortcomings, negligence or omissions. If the goods kept in the locker get damaged due to the reasons mentioned above or due to fraud of the bank employee, then the bank becomes liable.
How much will the bank compensate?
If the goods kept in the locker get damaged due to any negligence, deficiency and omission of the bank or fraud of the bank employee, then the bank will have to pay compensation 100 times the annual rent of the locker. For example, if the annual rent of a locker is Rs 2000, then the bank will pay you only 100 times of it i.e. up to Rs 2 lakh, but if the value of the jewelery kept in it is Rs 10 lakh, then you will suffer a huge loss.
Be sure to take goods insurance
The compensation received from the bank is quite less. In such a situation, make sure to get insurance of valuables including jewelery kept in the bank locker. General insurance companies provide bank locker insurance under home insurance or contents insurance product. This type of policy usually covers valuables like jewellery, house documents, share certificates and passports. These policies cover losses caused by theft, burglary, fire and other incidents.
