Bank's liability for locker content is limited, so buy insurance coverage

Do not keep cash in the locker as the agreement with the bank prohibits it

If you plan to keep cash in your bank locker, think again. A woman residing in Moradabad, Uttar Pradesh, had kept Rs 18 lakh for her daughter’s wedding in a bank locker. She discovered termites had eaten up the cash. Are banks liable to offer compensation in the case of such a loss?

Don’t keep cash in locker

According to the revised safe deposit locker agreement, a locker can be used for limited purposes only. The State Bank of India’s (SBI) agreement, for instance, says the locker can be used “only for legitimate purposes such as the storage of valuables