Bank lockers offer a convenient way to store valuable jewelry and important documents securely. Suppose you’re considering using a bank locker for these purposes.
In that case, this article will guide you through renting a locker at various government and private banks, including SBI, HDFC Bank, ICICI Bank, Bank of Baroda, and Canara Bank, as well as their rules and regulations.
Understanding the rules and regulations governing bank lockers is crucial. It will empower you to choose the right bank locker that meets your needs and minimizes additional charges.
Items Allowed and Prohibited in a Bank Locker
Items That Can Be Stored in a Bank Locker:
- Jewelry is made from precious metals like gold, silver, and diamonds.
- Valuable coins, as well as gold and silver bars.
- Property deeds, power of attorney documents, and other legal documents, including wills.
- Financial records, including mutual funds, bonds, share certificates, tax documents, and insurance policies.
Items That Should Not Be Kept in a Bank Locker:
- Prohibited items and substances, including weapons, explosives, and narcotics.
- Perishable food items and other items can deteriorate over time.
- Edible items, radioactive materials, and other harmful substances.
- Some banks prohibit cash storage in lockers, as it is unsafe or insured.
SBI Bank Locker Agreement
You can store legal and valuable jewelry and documents in an SBI bank locker. However, cash is not permitted. Additionally, items such as weapons, explosives, drugs, and other prohibited substances cannot be stored in an SBI locker.
Perishable goods, radioactive items, and illegal materials are also not allowed. Any items that could be harmful or troublesome to the bank or its customers are prohibited.
Note: The above rules are generally consistent across all government and private banks, including HDFC Bank and ICICI Bank.
Confidentiality of Locker Contents
Customers are not required to disclose the contents of their lockers to bank officials. As a result, banks do not know what is stored inside, making it impossible for them to calculate compensation for any loss.
According to the regulations, banks bear no responsibility for the items inside the locker; only the person who has leased the locker holds full responsibility.
Compensation for Lost Items
While banks are not liable for the items kept in lockers, they offer limited compensation in fire, theft, robbery, bank building collapse, or fraudulent activities by bank employees.
To claim this compensation, you must provide evidence of the loss, such as a police or bank investigation report. Compensation is capped at 100 times the annual rent paid for the locker.
For example, if the yearly locker fee is Rs. 1,000, the bank will provide compensation of Rs. 100,000. Beyond this amount, no additional compensation will be given for items stored in the locker.