Bank Locker is one of the most common practices for the Indian. The valuable jewelleries, cash, and other valuable items are kept in the lockers for enhanced safety. However, a recent RTI query has revealed that the banks do not owe anything in case the valuables are robbed and theft or lost for other reasons. In short, a Bank Locker is equivalent to a Home Locker.
The RTI revealed that the bank terms the relationship with the customer as Leaser and Lessor. So, in case any mishap occurs, the banks would return nothing to the customer. The customers who are renting a locker are fully responsible for the valuables kept at the bank. The lawyer who filed the RTI is moving to the CCI for the anti-competitive practices of the banks.
A person who keeps the valuables at home is at the same risk to the one who keeps at the bank. For both the cases, the customer has to make some insurance for anything wrong. In that case, the rents paid out to the banks are actually the extra amount incurred by the customers. The Indian customers are generally obsessed with the lockers and feel that it is safe and the bank gives a guarantee. However, the RTI reveals that the myth that Indians have about the banks is the hidden policy of the leading banks.
The names of the banks that follow the policies are big and reputed. State Bank of India, Allahabad Bank, Bank of India, Punjab National Bank, Oriental Bank of Commerce, Canara Bank, UCO Bank and many others have similar Bank Locker Policies.