Bank Locker Gold Theft: What Happens If Your Jewelry Is Stolen?

• RBI rules state banks are liable for theft, fire, robbery, building collapse, or employee fraud, but only up to 100 times the annual locker fee.
• If your annual locker fee is 2,000 rupees, the bank's maximum compensation is 2 lakh rupees, which is often much less than the actual value of jewelry.
• Banks are not liable for damage to gold jewelry caused by natural disasters like floods, earthquakes, or lightning.
• Banks do not keep records of the contents deposited or withdrawn from lockers, making it difficult to assess the actual value of stolen items.
• Customers are responsible for their jewelry in bank lockers; banks do not insure the contents and cannot offer insurance to customers.

Why It Matters: Bank lockers offer limited compensation for theft and no liability for natural disasters, making customers primarily responsible.