Keeping valuables in a bank locker? Keep these things in mind

People keep their valuables like jewellery and property papers in bank lockers. But do you know what happens if your belongings in a bank locker are lost? Earlier, banks were not responsible for the loss so you wont get  financial damages from them.

As a remedy for this, the Reserve Bank of India implemented a new rule which allows locker holders to claim compensation up to 100 times the annual locker rent if the theft, fire, bank fraud etc happens. Here are some tips to keep in mind if you are using a bank locker.

Keep Records Of Your Locker Items

Make an list of your valuables in the safe. When you add or withdraw items from the locker update your list. If an item goes missing the list will help you identify it.

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Access Locker Once A Year

Open your lockers at least once a year, else banks are allowed to break them open using the protocols laid in your locker agreement. Operate your account during regular intervals.

Pay Locker Charges On Time

RBI has permitted banks to get a term deposit from customers while allotting lockers so that such deposits can be used to recover locker rent for up to three years along with the charges.


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