RBI rule: banks pay 100 times locker rent if negligent
Wondering if your stuff is safe in a bank locker?
While banks are supposed to protect your valuables with things like CCTV and fire-resistant vaults, thefts can still happen.
If the bank messed up on security and it's proven, Reserve Bank of India (RBI) rules say they have to pay you up to 100 times your yearly locker rent, so if you pay ₹4,000 a year, you could get up to ₹4 lakh.
Customers must track locker contents
You're responsible for keeping track of what's inside your locker. Banks don't record or insure the contents.
And if something happens, you'll need proof that the bank was at fault to claim compensation.
Also, it's smart to nominate an heir; banks will hand over lockers to nominees or legal heirs within 15 days after paperwork is done, making things smoother for everyone.