In Delhi, a woman claimed that gold ornaments and jewelery worth Rs 60 lakh went missing from her bank locker in Kirti Nagar branch. According to a PTI report, Delhi Police said that the locker was opened as per the prescribed procedure in the presence of bank officials. However, the woman who complained says that there was no jewelery inside. She then informed the bank officials and lodged a police complaint (FIR), alleging that her jewelery had been stolen from the locker. Let us know what are the rules related to bank locker and how much compensation is given in case of theft.
Now a question arises that if there is theft from the bank locker and the customer has informed the value of the goods kept in the locker, then how much maximum money will the bank have to pay? According to Mumbai’s legal expert Apoorva Aggarwal, under the current RBI rules, informing the bank about the value of the goods does not increase its legal responsibility. The relationship between the bank and the customer is just like lessor-lessee i.e. landlord-tenant.
How much compensation do you get?
According to experts, the bank neither checks nor takes possession of what is kept inside your locker. Therefore, he is not held directly responsible for paying the full market value of the lost jewellery. If an incident like theft, burglary or fire occurs due to the negligence of the bank, then the bank has to pay maximum compensation up to 100 times the annual rent of the locker.
For example, if your annual rent is Rs 4,000, you can get a maximum compensation of Rs 4 lakh, even if the loss is worth crores. This is a fixed legal limit, which is designed to protect banks from numerous large claims. Experts say that it is wise to take private insurance to protect the real value of your expensive items, because the bank’s payment is only related to the service charge i.e. rent.
How much compensation will you get if the price is not disclosed?
According to Apoorva Aggarwal, even if the customer does not disclose the value of his goods to the bank, the compensation will still be 100 times the annual rent. This is because the bank’s responsibility is not related to the price of any particular item, but to the lack of security or internal irregularities.
The Bank does not maintain a list of the contents of the locker to maintain the security of your personal information. Therefore, a uniform payment rule has been kept for all customers on the basis of fare. But it is important that compensation will be given only when the bank’s fault is proven. If the loss is caused by earthquake, flood or any natural disaster, the bank is generally not responsible for paying compensation. In cases of theft, the customer has to prove that there has been a mistake or negligence on the part of the bank.
What does the law say on bank locker theft?
According to experts, you have the right to a clean and open investigation in theft cases. First of all it is necessary to lodge an FIR with the police. According to the rules, the bank has to keep the CCTV footage safe for at least 180 days and also has to give it when needed. If the bank does not send the required SMS or email alert during locker operation, it can be considered as deficiency in service.
In such a situation, you can complain to the Banking Ombudsman or Consumer Court (NCDRC). Although the rule of 100x rent is the fixed limit of the bank, but if gross negligence is proved. For example, in case of unauthorized access to the master key or complete failure of the security system, the court can award more compensation. The law ensures that the bank cannot escape its responsibility even if the locker appears to be in perfect condition from outside.
Also read- India will not rely on China, extracted rare earth metal!