Gold jewellery missing from bank locker? Know the maximum compensation banks can offer

Bank lockers are used to keep valuable items and belongings, like gold, gold jewellery, documents, and other precious things safe and secure. Banks provide restricted access, dual-key systems and surveillance to reduce the risk of theft or damage.

What does RBI rules on bank lockers say?

According to RBI guidelines, “As banks cannot claim that they bear no liability towards their customers for loss of contents of the locker, in instances where loss of contents of locker are due to incidents mentioned above (fire, theft/ burglary/robbery, dacoity, building collapse) or attributable to fraud committed by its employee(s), the banks’ liability shall be for an amount equivalent to one hundred times the prevailing annual rent of the safe deposit locker.”

Compensation limit as per RBI guidelines

For example, if your annual locker rent is ₹7,000, the maximum compensation will be ₹7 lakh, even if you stored jewellery worth crores.

What if losses are due to natural calamity?

The RBI clearly states that banks are not liable for losses arising from natural disasters such as earthquakes, floods, lightning or thunderstorms.

“The bank shall not be liable for any damage and/or loss of contents of locker arising from natural calamities or ‘Acts of God’… or any act that is attributable to the sole fault or negligence of the customer,” the RBI said.

However, banks are required to exercise appropriate care to protect locker systems and premises.

Jewellery missing from Delhi bank locker

The locker was operated in the presence of bank officials as per procedure, but the jewellery was reportedly not found inside. A police case has been registered and an investigation is underway.

As per RBI norms, lockers operate on a dual-key system requiring both the customer’s key and the bank’s master key.

Are bank lockers completely safe?

Bank lockers offer security, but they are not a guarantee against loss. Banks provide storage space and basic safeguards but compensation is legally limited.

So what should customers do?

Experts recommend taking personal insurance for expensive items like gold and jewellery, as bank compensation is limited. Since locker liability is capped at 100 times the annual rent, a low rent means lower payout. For high-value assets, separate insurance is essential.