Safety Measures: Locker Opening & Locker Operations
By Anupama Deshpande | June 21, 2019

Lockers with banks are considered one of the safest places where you can keep your jewellery and other valuable items without any fear of theft or damage. They are considered to be safer than home with all the multiple layers of safety and surveillance they have. For the safety provided by the lockers, bank levy an annual fee for locker and some banks may also ask you to open a fixed deposit account with them.

Banks are not liable for any loss to the items kept in locker due to theft or natural calamity. However, according to the RBI guidelines, banks must ensure the safety and security of lockers by properly documenting the security process, and the internal auditor has to see that the safeguarding procedure is strictly followed by the banks.

Banks do not provide any insurance cover for the valuables kept inside a locker. You can buy an insurance policy to cover the value of the contents kept inside the locker.

You must be aware of some of the aspects of safety measures: Locker Opening & Locker Operations. We have mentioned some of the very important points which are needed to be considered at the time of opening of bank locker and while making locker operations:

1. Open the locker with a bank branch which you trust.
2. Ensure that the branch where you want to open your locker has proper safeguards for safety of the lockers such as, gunned guard, alarm system, CCTV, Iron gate, etc.
3. You can choose a nearby branch, if it is trustworthy, so that you can make frequent visits.
4. Compare the locker rent charges of different banks.
5. Visit the locker frequently and check your valuables from time to time.
6. Operate your locker only after confirming that the bank employee who had accompanied you to the locker had left the place.
7. Open more than one locker to minimise the risk by distributing your valuables and jewellery in multiple lockers.
8. Recheck before leaving the locker room, whether locker is locked properly and no valuable is left outside the locker.
9. You must maintain a record of whatever is kept inside the locker with their values.
10. Do not forget to keep a copy of locker agreement with you.
11. Loss of key should be immediately informed to the branch.
12. Buy an insurance policy that provides cover for gold kept in bank lockers.

If the loss is due to fault of bank in providing proper safety measures or due to some negligence then one can claim the loss and the bank is liable to compensation.

Also read 4 Reasons: Why Should You Extend PPF after its Maturity?

Banks can open your locker without your permission and even in your absence in following cases:

• If you have not paid locker rent even after several reminders by the bank for paying the rent
• If you have not operated your locker for a very long duration

In case, the value of your belongings kept in the locker is very high, you must get it insured. You must also keep a record of all the things you have kept inside your locker with their values.