According to an ET report, bank lockers are only intended for legitimate purposes, such as keeping valuables such as jewelry and documents safe. Keeping cash or currency in these lockers is not allowed as per the revised locker agreements including those of State Bank of India (SBI) and Punjab National Bank (PNB).
PNB’s revised locker agreement expressly prohibits the storage of items such as weapons, weapons, explosives, drugs, contraband, perishable items, radioactive material, illegal substances or any other material that could pose a danger or nuisance to the bank or its customers.
What can you store in your bank vault?
Bank safe deposit boxes are suitable for the safekeeping of property documents, jewelry, loan documents, birth/marriage certificates, savings bonds, insurance policies and other confidential and private items.
Bank locker rules, fees, new agreement, fixed deposit required – most frequently asked questions answered
How do I store items in a bank vault?
To protect paper and similar items from moisture, Kotak Mahindra Bank recommends the use of airtight plastic bags or pouches (with zippers). Paper documents can also be laminated for longevity. In addition, jewelry, ornaments and metal-based items can be stored in plastic or metal containers that fit in the locker. It is important to note that the bank does not provide these storage items.
When are banks responsible?
Banks take responsibility when losses arise due to their own negligence, shortcomings, employee fraud, negligence or commission work. In such cases, the bank’s liability is limited to one hundred times the applicable annual rent of the safe. For example, if the rental of the lockers is Rs 2,000 per year, the bank will reimburse you up to Rs 200,000, as per SBI’s policy.
