Is it safe to use bank locker in India?

Yes, you got it right. In case, there is a mishap such as robbery or fire etc. due to which you lose the valuables kept in your locker, then the bank is not liable to compensate you for the amount of loss, provided it had taken adequate safety measures to safeguard the lockers. There are various reasons for it.

Are bank lockers insured in India?

RBI has said that the bank would not be liable for loss of/damage to locker contents due to natural calamities or customer negligence. What is more, the central bank has said that a bank must clearly inform locker customers that the bank is not responsible for insuring the contents of the locker.

Is it safe to have locker in bank?

People assume bank lockers are 100 percent safe. But we know this isn’t true and there are always risks, and losses also may not be adequately compensated for. Therefore, you may consider splitting your valuables between home and bank locker and avoiding holding all valuables in either one of those options.

What happens if bank locker is robbed?

“As banks cannot claim that they bear no liability towards their customers for loss of contents of the locker, in instances where the loss of contents of the locker are due incidents (like fire, theft/ burglary/ robbery, dacoity,) or attributable to fraud committed by its employee(s), the banks’ liability shall be for …

Are home lockers safe?

Bank lockers are considered to be the safest place to store valuable jewellery, important documents, certificates or the things precious to you. Both the public and private sector banks offer locker facility to individuals for annual charges of Rs1,000 to Rs10,000 depending upon the size you opt for.

Are private lockers safe?

In terms of security, private lockers are comparable with bank safes — but the latter may not be a benchmark for security as there have been instances of heists where burglars have dug underground tunnels to break into safety vaults.

Can NRI hold locker India?

Yes, the NRI can hold onto the bank locker irrespective of opening a new NRO account and closing the existing savings account.

Are your valuables safe in the lockers of your bank?

Banks lease lockers to the the customer and give the customer right to use this facility by giving rent. Banks contend that they do not know the contents of the locker so they are not liable for any loss suffered by the customer. But if you go through all the bank sites, all banks claim that customer valuables will be safe in the lockers.

How much does it cost to lock a bank locker in India?

Both the public and private sector banks offer locker facility to individuals for annual charges of Rs.1,000 to Rs.10,000 for small to medium and large sizes and charges varies based on locations too. Bank locker operates with two keys – one kept with the bank and other given to you.

What happens if there is illegal deposit in safe deposit locker?

If the bank suspects the deposit of any illegal or hazardous substance by any customer in the safe deposit locker, the bank shall have the right to take appropriate action against such customer as it deems fit and proper in the circumstances.

How do you use a locker in banking?

So a banker accompanies the customer to the locker room, puts in his keys along with the customers’ and opens the locker. Then he takes his key and leaves the room. The locker can be closed by the single key only- which is in the possession of the customer. A locker can be operated 12 times in a year by a locker holder.