Did you know? Home insurance also covers valuables inside bank locker

It's a good option as banks don't compensate customers for loss of goods in locker in cases of theft or natural calamity

A few days ago, thieves stole valuables worth Rs 2.8 crore from the lockers of a Bank of Baroda branch. Usually, individuals keep valuables in bank lockers as they consider it safer than keeping them at home. 

However, banks do not take any responsibility if valuables are stolen from the lockers. “As banks don’t know the content of lockers, they cannot take insurance to cover the customers against burglary,” says Puneet Sahni, head, product development, SBI General Insurance. Banks and their customers are like landlord and tenant. Banking customers pay for the space. Just like a landlord is not responsible