In case of bank locker theft: Compensation for your “valuables” is just 100x of annual locker fee

Lokesh Chauhan, manager of Bank of Baroda’s Patel Nagar branch in Alambagh, explained the bank’s process for addressing theft cases. “If a theft occurs, affected customers are contacted and asked to fill out a form and affidavit detailing the locker contents. After an investigation, compensation up to 100 times the annual locker service charge is provided.”

A robbery at the Indian Overseas Bank branch in Chinhat, where cash and valuables worth over ₹1 crore were stolen from lockers on the intervening night of Saturday and Sunday, has highlighted the limited compensation banks offer in such cases. As per bank officials, compensation is typically provided up to 100 times the annual locker fee, but banks do not take responsibility for the actual contents of the lockers.

For stolen items such as jewellery, customers must provide proof of ownership (Sourced)

Lokesh Chauhan, manager of Bank of Baroda’s Patel Nagar branch in Alambagh, explained the bank’s process for addressing theft cases. “If a theft occurs, affected customers are contacted and asked to fill out a form and affidavit detailing the locker contents. After an investigation, compensation up to 100 times the annual locker service charge is provided.”

For example, in nationalised banks like State Bank of India (SBI) located in urban areas, annual locker charges vary based on the size of the locker, ranging on average from ₹1,500 to ₹9,000 (applicable GST extra). In the event of theft or burglary, the bank provides compensation up to 100 times the annual service charge. This means the compensation amounts typically range from ₹1,50,000 to ₹9,00,000, depending on the size of the locker.

For stolen items such as jewellery, customers must provide proof of ownership, including purchase receipts or property-related documents like house tax or electricity bills for property papers.

A senior banking official highlighted the stringent safety protocols followed by banks, explaining that each branch has a dedicated security department to implement and monitor safety measures. “The security officer must approve the premises before operations begin,” the official said. “Additionally, bank managers hold regular meetings with local police to evaluate security arrangements and ensure the alarm systems are in optimal working condition.”