Recent theft at a Mumbai bank locker which would have robbed significant wealth as valuables for several of the bank customers alerts us once again to ensure the safety of our bank lockers. As till date no amendments have been made to ensure the safety of customer's lockers with the bank, more so bank's do not take responsibility to compensate clients of such thefts or other calamities.
Know here what you ought to do then; are bank lockers unsafe and you should safeguard your pricey possessions at home or what more options you have to secure them.
Here's a quick take on the best way.
The RTI answer by the RBI and other PSU Banks clarified that banks do not have any liability and the rental agreement with them for the locker absolves them of all the liability in case of any loss to the customer. This brings to fore that customers need to better manage their bank lockers.
All the more, when you secure your belongings in a bank locker hardly any valuation check is done by the bank or for that case you yourself. So, certain checks and points to keep in mind while keeping your possessions are listed hereforth.
Recently NCDRC or National Consumer Redressal Commission has come forth for the rescue of such customers and in case you confront such a mishap you can surely approach them.
Alternatively to increase the safety you can take a household insurance policy that not only provides protection against your belongings at home premise but also outside such as the bank locker. Know how to choose your home insurance policy, here.
Further as a proactive approach you need to maintain a note of all the valuables you secure with the locker to arrive at a valuation cost easily.
Also, you need to better understand the terms and agreement of leasing a bank locker with the bank. Such that banks do not err on their responsibility and leave you helpless if such a situation befall.
Other cautious stance you need to take is to open the locker only after the bank representative leaves and you need to also ensure that your chosen bank branch has the CCTV camera facility.