New Bank Locker Rules - Banks liable upto 100 times the annual rent

This is great news. Earlier, Banks were not liable for anything at all as they are not privy to the contents of the Locker. With the new rules, there is accountablility.

“As per RBI’s notification, it is the responsibility of banks to take all steps for the safety and security of the premises in which the safe deposit vaults are housed. It has the responsibility to ensure that incidents like fire, theft/ burglary/ robbery, dacoity, building collapse do not occur in the bank’s premises due to its own shortcomings, negligence and by any act of omission/commission”

They missed “floods”. I hope this is covered too. One of my friend locker was completely submerged when there was flood in chennai.


Better not to put things which we cannot value, better to put things which we can value, so that when something happens, that value can be compensated.