Locker Safety at Bank?

Hi All,

At times, I have heard that lockers are being stolen in Bank. How is the customer protected? What will bank do under such instances? Will the customer be paid? Please let me know more on this.

Thanks
Sunil kumar

Quote:

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Originally Posted by msgforsunil

Hi All,

At times, I have heard that lockers are being stolen in Bank. How is the customer protected? What will bank do under such instances? Will the customer be paid? Please let me know more on this.

Thanks
Sunil kumar

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The legal argument taken by the banks is that there is no 'entrustment' of contents placed in lockers by the depositor to the bank. Therefore, the banks aren't responsible for its contents.

But the National Commission by its order dated July 11, 2000 rejected the Bank of Maharashtra's contention and held that "the depositors had taken the lockers on rent only because of the security provided by the bank and it is not simply a landlord and tenant relationship. The depositors have kept jewellery and other valuable articles on the assurance that the bank will provide complete security..."
Source - Link

You can opt for pvt. vaults if you think that there is risk of theft in bank lockers.

I have heard same stories but don't know the truth. I am using PNB Lockers for last three years, my parents using for last 20 years no issues till now. Risk is everywhere even when you keep them at home.