Bank Locker Rules: A customer of Citizen Cooperative Bank located in Sector 51 of Noida got a big shock when he opened his bank locker after three months and found that the Rs 5 lakh kept in it had been eaten by termites. The customer complained to the bank manager and demanded compensation, but the bank refused to make the payment citing rules.

This case raises a big question – is the bank responsible for the safety of the items kept in the bank locker? And if the customer pays rent to the bank, what is the liability of the bank in case of loss? In this report we will discuss RBI guidelines and important rules to bank locker.

RBI rules to bank locker

The Reserve Bank of India (RBI) has issued new guidelines for bank lockers from January 1, 2022. Under these rules, if there is loss in bank locker due to theft, arson, building collapse or fraud by bank employees, then the bank will have to pay compensation. This compensation can be up to 100 times the annual rent of the locker.

Why no compensation for damage caused by termites?

According to RBI guidelines, keeping cash or currency in bank locker is prohibited. In such a situation, if the notes kept in the locker are eaten by termites or get spoiled due to any other reason, the bank will not be responsible. This will be considered a violation of the rules by the customer.

What can be kept in a bank locker?

There is an agreement signed between the bank and the customer, in which it is clear what can be kept in the locker. Generally, jewellery, property documents and other important papers are allowed to be kept in the locker. Keeping cash and prohibited items is prohibited.

What do the rules say about theft of goods or fire?

If due to the bank's negligence the items kept in the locker are stolen, a fire occurs, or a building collapses, the bank will pay compensation. But the bank will not be responsible in case of natural disasters like flood, earthquake or lightning.

What if termites eat the documents?

If termites eat the documents kept in the bank locker, it will be considered negligence on the part of the bank. The customer can claim compensation in this situation.

What to do if you lose your locker key?

If the locker key is lost, the customer must immediately inform the bank and police. To get the key changed, the customer will have to apply to the bank and deposit the fee.