In respect to this, is Bank liable for theft in locker?
Your valuables are not safe, even in a bank locker. The RBI has stated that banks will not compensate if the contents of the locker are stolen or damaged in a natural calamity. The tenant (that's you, the customer) was responsible for the valuables kept in the locker owned by the bank.
Similarly, what if I lost my bank locker key? The bank might replace the key or provide duplicate keys. Then a trained official will break open the locker in the presence of the bank official and the owner of the locker. The owner will be penalized and a fee will be charged for the duplicate key.
Moreover, is it safe to keep Jewellery in bank locker?
Insurers say that bank lockers can be considered a safe option in comparison to keeping jewellery and valuables at your home. However, none of your contents kept in your locker is insured. As per the RBI, however, banks in any case will not be responsible for the contents kept in a locker by the hirer.
How safe is SBI locker?
The Reserve Bank of India said in 2017 that banks would not be liable to compensate you if the contents of your locker are stolen or damaged due to a natural calamity. Still, they are considered safer than other options.
