Bank Locker Rules: How much compensation will be given if the items are missing from the bank locker, know the rules..

Bank Locker: Most of the banks in the country provide locker facilities to the customers for their valuable assets, for which different rent is charged by the banks. If for any reason the goods kept in the bank locker disappear, how much compensation will the customers get in such a case? What are the rules regarding this, let us know-

How much compensation is given in case of theft from a bank locker?

The bank is responsible for the proper functioning of the bank locker and its complete security. In such a situation, if there is any damage to your locker due to the negligence of the bank, then the bank will be responsible for it and you will be given appropriate compensation.

If your belongings disappear from the bank locker due to theft, robbery, or building collapse, then according to the rules, the bank will give you compensation 100 times the amount of the locker rent. For example, if the rent of your locker is Rs 3,000, then you will get compensation of Rs 3,00,000 if your belongings disappear. This provision has been made to ensure the safety of the customers' belongings so that they can get proper relief in case of loss.

According to the information given on the SBI website, it is the responsibility of the branch to ensure that there is no incident of theft, robbery and building collapse in the bank premises. At the same time, if the goods disappear from the locker in the bank premises due to the reasons given above or fraud committed by the employee, then the bank will compensate the customer 100 times the amount of the locker rent.

What happens if the locker becomes inactive?

If a customer has paid the locker rent on time but he is not using the locker for more than seven years, then the bank can consider that locker as inactive. In such a situation, the bank calls the nominee and legal heir. Then, the goods kept in the locker will be transferred to the nominee or legal heir in a transparent manner with the required documents. This process is done to ensure the protection of customers' rights and property.

Disclaimer: This content has been sourced and edited from Hr Breaking. While we have made modifications for clarity and presentation, the original content belongs to its respective authors and website. We do not claim ownership of the content.