Insuring The Contents Of Your Bank Locker; Here's Everything You Need To Know

Bank lockers 

Bank lockers are the place where people keep their jewellery and other expensive items for safety. However, a bank does not take responsibility for insuring the items. 

The latest Reserve Bank of India (RBI) guidelines 

According to the new RBI mandate, banks have to take responsibility for any damage or loss due to incidents like fire, theft, burglary, robbery, dacoity, terrorism, and any act by bank employees that changes the content. The bank has to compensate the customers with an amount equivalent to one hundred times the current locker rent. 

No compensation case 

A bank does not provide any compensation for the loss or damage of bank contents apart from the mentioned cases in RBI guidelines. 

Natural calamities 

Banks are not liable for any loss or damage of bank contents due to calamities. 

Currency notes 

As per the latest guidelines of RBI, it is prohibited to keep cash or currency notes in banks. 

Insurance 

There are insurance companies that offer home insurance policies with an extension to cover valuables, including jewellery, and valuable assets stored in bank lockers. 

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