RBI: Banks are not liable for loss of valuables from lockers

For all those people who think that their valuables are safe once they have deposited it in a bank locker, need to reconsider their decision. In a response to an RTI, RBI has clarified that banks have no responsibility for loss of valuables from their lockers.

Kush Kalra, a lawyer filed an RTI and received unanimous reason from 19 banks that they are not liable for valuables held in a locker as “ the relationship they have with the customers with regard to lockers is that of lessee and lessor. This nature of relationship implies that lessor is responsible for his or own valuables kept in the locker which is owned by bank.& quot

Banks have shrugged off their responsibility despite charging their customers for this service. What is the point of keeping valuables in a paid bank locker when the basic safety of your valuables is not guaranteed?

It is pertinent to take into account the total amount of valuables kept in the bank and to go through the locker hiring agreement carefully.

The common clause in the locker hiring agreement is “ As per safe deposit memorandum of hiring locker, the bank will not be responsible for any loss or damage of the contents kept in the safe deposit vault as a result of any act of war or civil disorder or theft or burglary and the contents will be kept by the hirer at his or her sole risk and responsibility” . Many banks in their locker hiring agreement clearly stipulate that any item stored in the locker is kept at the owner's risk and the bank will have no responsibility in case of any loss. While the bank will exercise all such normal precautions, it does not accept any liability or responsibility for any loss or damage whatsoever sustained to items deposited with it. Accordingly, hirers are advised in their own interest to insure any item of value deposited in a safe deposit locker in the bank.

People should look for other alternatives which at least assure the safety of their valuables like jewellery insurance covers