Tuesday, March 18, 2025 | 06:30 AM ISTहिंदी में पढें
Business Standard
Notification Icon
userprofile IconSearch

Bank's liability for locker content is limited, so buy insurance coverage

Do not keep cash in the locker as the agreement with the bank prohibits it

RBI issues new rules of bank lockers
Premium

Bindisha Sarang

Listen to This Article

If you plan to keep cash in your bank locker, think again. A woman residing in Moradabad, Uttar Pradesh, had kept Rs 18 lakh for her daughter’s wedding in a bank locker. She discovered termites had eaten up the cash. Are banks liable to offer compensation in the case of such a loss?

Don’t keep cash in locker

According to the revised safe deposit locker agreement, a locker can be used for limited purposes only. The State Bank of India’s (SBI) agreement, for instance, says the locker can be used “only for legitimate purposes such as the storage of valuables

What you get on BS Premium?

  • Unlock 30+ premium stories daily hand-picked by our editors, across devices on browser and app.
  • Pick your 5 favourite companies, get a daily email with all news updates on them.
  • Full access to our intuitive epaper - clip, save, share articles from any device; newspaper archives from 2006.
  • Preferential invites to Business Standard events.
  • Curated newsletters on markets, personal finance, policy & politics, start-ups, technology, and more.
VIEW ALL FAQs

Need More Information - write to us at assist@bsmail.in