We often think that our luggage kept in the bank locker is completely safe. Now if something is lost, stolen or damaged from the bank locker, will the bank compensate for it?
If something is lost, stolen or damaged from the bank locker, the bank does not compensate. In fact, if your gold, jewelry or important documents have been kept in the bank locker, the bank is not fully responsible for the bank. If an unexpected event like a fire or flood in the bank and your luggage kept in the locker is damaged, the bank gives you some amount as a return.
How much compensation will you get according to the RBI rule?
According to the RBI rules, the bank will provide you with only 100 times the locker rent. Simply put, if your annual locker fare is Rs 2,000, you will get a maximum of Rs 2 lakh. However, in most cases the cost of the items in the locker is much higher than this. In this case, it becomes necessary to get locker insurance.
Locker insurance protects your capital from all kinds of damage. Second, it also gives you mental peace that the money earned from your hard work will be completely safe in any accident.
Now the question is, why is it necessary to insure the valuables kept in a bank locker?
The reason for this is that the bank does not know the items kept in the locker. The locker is fully considered a customer’s personal property and does not open the locker to see what the bank is kept in the locker, which is why the bank can neither evaluate the cost of the goods nor the responsibility.
According to the RBI guidelines, if the bank employee is damaged due to negligence, default or fraud, the bank is responsible for paying a maximum of 100 times the locker annual rental.
What items can be kept in a bank locker and what things can be insured?
Jewelry, loan -related documents, property documents, birth certificates, marriage certificates, insurance policies, savings bonds and other confidential document are covered under insurance in the bank locker.
Which items kept in a bank locker can be covered under insurance? What are the rules for this?
- All the items kept in the bank locker can be included in the insurance cover, which allows the bank to be kept in the locker. However, this insurance cover also depends on insurance companies.
- The bank itself does not insure the items kept in the bank locker, so the customer has to insurance separately.
- This insurance policy is to protect the jewelry, documents and other valuables kept in the locker from the loss of events such as theft, fire or natural disaster.
- Many insurance companies offer bank locker insurance. This policy is available for banks as both personal (retail) and group policy.
- Customers can buy this policy with an alternative to an insurance amount of Rs 3 lakh to Rs 40 lakh or more.
- If the cost of the goods kept in the locker is more than ₹ 1 lakh or the insurance amount is more than ₹ 40 lakh, in this case the valuation report of the government -recognized valuer becomes inevitable.
