Editor’s Note
This report details a customer’s complaint regarding missing jewelry from an SBI bank locker in Bengaluru. The case is under investigation.
A recent case has emerged in Bengaluru where a woman reported missing jewelry from her State Bank of India (SBI) locker. The woman alleges that in March, 145 grams of gold and diamond jewelry went missing from her bank locker. She has filed a complaint at the police station regarding the matter.
The victim, Bindu CD, stated that despite repeatedly contacting the bank, she has not received any satisfactory response. Frustrated by the bank’s attitude, she approached the police. The police have registered a case against the bank officials. According to the complaint, the victim has had a savings account with the SBI branch since December 2022, where she also availed a locker facility.
However, on March 28, 2025, when she came to the bank and checked the locker, the jewelry was missing. She then complained to the bank officials, but they denied having any information about the matter. The question arises: what happens in such cases where a victim reports missing items from an SBI locker, and what do the Reserve Bank of India (RBI) rules say?
RBI implemented new rules related to bank lockers from January 2022, which were made applicable to all locker holders from January 2023. According to the rules, if items are stolen from a locker, or there is damage due to fire, robbery, or building collapse because of the bank’s negligence, the bank will be held responsible. Additionally, if items are stolen or damaged, the bank will pay compensation up to 100 times the annual locker rent.
For example, if the annual locker rent is Rs 2,000, the bank will pay a maximum compensation of Rs 2 lakh to the victim. Under the rules, the bank is liable to refund up to 100 times the rent, even if items worth more were stored in the locker. Therefore, you should be aware of what you can and cannot keep in a bank locker.
You can keep jewelry, important documents (such as property papers, certificates), and legally valid items in a bank locker. However, you cannot keep cash, foreign currency, weapons, drugs, poisonous substances, or perishable items. According to RBI rules, if you keep any of these items and suffer a loss, no compensation will be provided by the bank.
It is mandatory for the bank to monitor the locker room with CCTV cameras. Additionally, maintaining biometric access and log records is also essential. The bank must retain previous CCTV footage for 180 days. Furthermore, whenever a customer opens their locker, the bank will inform them via SMS or email. It is also necessary to sign an agreement with the bank when taking a locker, which mentions the items and rules. You should read this carefully.