Bank locker
Also called Safe deposit locker
A small safe you rent inside a bank's strong room to store valuables, for a yearly rent.
A bank locker keeps your valuables in the bank’s strong room, but the bank’s liability has a cap. The full rules, from the agreement to access alerts, are in bank locker rules: what the bank owes you.
Questions people ask
What is a bank locker?
A small safe inside a bank's strong room that you rent for a yearly fee. You keep gold, papers or other valuables in it. The bank guards the room but doesn't know or insure what's inside.
How much does the bank pay if a locker is robbed?
Under RBI's 2021 locker rules, up to 100 times the locker's current yearly rent, for losses from fire, theft, burglary, robbery, building collapse or fraud by bank staff. The bank isn't liable for natural calamities.
Can I add a nominee to a bank locker?
Yes. Banks must offer nomination for lockers, and RBI's rules ask them to settle a nominee's claim within 15 days of receiving it.
One money lesson, in your inbox
A short, plain money lesson built from real news. Free. Unsubscribe anytime.
We will never spam you or sell your details. How we handle your email