Bank Locker Rules: A bank locker is an easy way to keep your valuables safe. But does cash fall under this category of valuables? Recently, there was news about termites eating away Rs 5 lakh stored in a person’s bank locker. This raises an important question: what are the rules regarding keeping cash in a locker? The Reserve Bank of India (RBI) has established clear guidelines regarding bank lockers. These guidelines specify what items bank customers are allowed to keep in the locker and what they cannot. They also outline the compensation amount in case of loss due to theft or the bank’s negligence.

Cash Is Prohibited in Lockers

RBI guidelines clearly specify items that cannot be kept in bank lockers. If customers store prohibited items in their lockers, the bank will not be held responsible for any loss. Cash is one such prohibited item, meaning it cannot be stored in lockers. A recent case in Uttar Pradesh highlighted this when termites destroyed ₹5 lakh kept in a locker. The bank, citing the rules, refused to compensate for the loss.

Items You Cannot Keep

Apart from cash, certain other items are also prohibited in bank lockers. These include:

  • Weapons
  • Drugs
  • Poison
  • Explosives
  • Perishable items such as vegetables and fruits
  • Radioactive materials
  • Illegal items

Customers must adhere to these guidelines to avoid complications. Failure to follow these rules significantly reduces the chances of their claims being accepted in case of loss or damage.

What Can Be Stored in Lockers?

According to RBI guidelines, the following items are permitted in bank lockers:

  1. Jewellery
  2. Property documents
  3. Birth and death certificates
  4. Important papers
  5. Marriage certificates
  6. Insurance policies
  7. Kisan Vikas Patra and similar investment documents

Compensation Rules for Loss

RBI guidelines also detail the bank’s liability in cases of negligence or loss. Banks are required to compensate up to 100 times the annual rent of the locker. For example, if the annual rent of the locker is ₹1,000, the customer is entitled to a compensation of ₹1 lakh in case of loss.

Keep Guidelines in Mind

It is essential to store only permitted items in your locker and understand the bank’s compensation policies to ensure security and accountability.