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Banks typically mention in locker agreements that they are not responsible for the contents stored, as customers are not required to disclose or list what they keep inside
Under RBI rules introduced in 2022 and still applicable in 2025-26, a bank can compensate up to 100 times the annual locker rent. (AI Image)
Tension gripped a branch of Punjab National Bank (PNB) in west Delhi’s Kirti Nagar after a woman and her mother-in-law alleged that gold ornaments kept in their bank locker had gone missing, setting off panic among customers and sparking a flurry of rumours about a possible theft. The locker was opened as per the bank’s standard procedure, following which the two women claimed their valuables were not inside.
Word of the alleged loss spread rapidly on social media and in the surrounding area, prompting other locker holders to rush to the branch to check their belongings. Within a short span, a large crowd gathered outside, leading to chaos and concern.
Police reached the spot and began an investigation. However, initial findings suggested that the claims appeared suspicious. There were no signs of forced entry, tampering, or broken lockers. Cops found that the locker had been operated recently on February 5 and that it was a joint locker. Officials later indicated that the rumours of a large-scale theft were unfounded and that the situation had escalated due to panic and misinformation.
The incident has once again drawn attention to a frequently misunderstood aspect of bank lockers: who bears responsibility if valuables go missing.
A bank locker is essentially a storage facility provided by the bank, and the institution does not keep records of what customers place inside. As per Reserve Bank of India (RBI) guidelines, banks are not automatically liable for loss or theft of locker contents unless negligence on their part is proven. This could include serious security lapses, non-functional CCTV systems, staff errors, or fraud involving bank employees.
Even in cases where the bank is found at fault, such as incidents involving fire, theft, robbery, or employee misconduct, compensation is limited. Under RBI rules introduced in 2022 and still applicable in 2025-26, a bank can compensate up to 100 times the annual locker rent. For instance, if a customer pays Rs 4,000 as yearly rent, the maximum compensation would be Rs 4 lakh, regardless of the actual value of the items stored. Losses caused by natural disasters such as floods or earthquakes are not covered, and banks hold no liability in such situations.
Banks typically mention in locker agreements that they are not responsible for the contents stored, as customers are not required to disclose or list what they keep inside. Experts advise customers to read the agreement carefully before using a locker to understand the limits of the bank’s responsibility.
In the event of any suspected theft or discrepancy, customers should immediately file a police complaint and inform the bank in writing. Maintaining photographs, written records, and purchase receipts of valuables stored in the locker can serve as crucial proof if a dispute arises.
Financial advisers also recommend opting for separate insurance for high-value items such as gold, jewellery, and important documents, as the bank’s compensation cap may be far lower than the actual worth of the contents.
While bank lockers are generally considered safe, they do not offer a complete guarantee. Ultimately, the bank provides space and basic security, but the primary responsibility for safeguarding valuables rests with the customer.
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February 18, 2026, 20:36 IST
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