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Using Banks and Bank Accounts/Security measures for Safe Deposit Locker Facilities.


QUESTION: Dear George‎‎

Safe Deposit Locker Facilities are provided to Banking customers to put their valuable belongings viz Jewelry, Cash etc by Private, Public Sector Banks. Banks charge their customers for the Lockers Facilities.

In a worst to worst scenario, How do the Banks do risk management in case if there happens Locker robbery, Scams etc so that the customers get back their valuables kept in the Lockers ?.

Awaiting your reply,

Thanks & Regards,
Prashant S Akerkar

ANSWER: Hi Prashant,

Typically banks are not responsible for any items lost or stolen in your safe deposit box unless there is damage such as a flood or a that case you will usually be reimbursed for the value of the goods.

---------- FOLLOW-UP ----------

QUESTION: Dear George

Do you feel a General Insurance Policy against the safe deposit Locker can help in this regard ?. Are these policies available ?.

i.e. Banks will provide this Facility to their Customers by issuing a General Insurance policy against the Locker to protect there valuables kept inside the Locker. Banks can also tie up with General Insurance cos who provide these facilities.

For example : If a customer feels that his valuables kept in the Locker are Rs 5 Lacs worth, he/she will purchase 5 lacs General Insurance policy
and pay yearly premium to the General Insurance co.

In case robbery or scam happens within the bank, the Customer can only claim Maximum Rs 5 Lacs from Insurance co. The Insurance co will inspect by going to the Bank locker place and check whether really this event has happened to pay for the claims made by the customer.

Do you feel this may work ?.

Awaiting your reply,

Thanks & Regards,
Prashant S Akerkar

Hey Prashant,

This might be a very hard sell to a customer as well as very difficult for the bank to monitor what is actually in the box at all times.

Keep in mind the safe deposit is very private and only the owner can get in there.

Also many ppl will not buy additional insurance for it because there is less than a 1% chance of anything disappearing from the box.

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Anything pertaining to Commercial or Retail Banking. Including, Interest rates, Lending, as well as Prime Rate questions. Also can help with online banking questions including all regulations.


Retail and Commercial banking since 2002. Currently employed as an Assistant Vice President at a Commercial Bank.

Chamber Of Commerce, National Notary Association

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