Indian Bank Locker Rent & RBI 100x Liability Compensation Guide

Compare annual locker charges across major Indian banks and understand mandatory 100x annual rent compensation under RBI Revised Locker Directions.

Interactive Indian Bank Locker Rent & RBI 100x Liability Compensation Guide
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Formula & Calculation Methodology

RBI Mandatory Bank Compensation = Annual Locker Rent * 100.

Step-by-Step Worked Example

SBI Medium Locker in Metro Branch (Rent: ₹4,000/yr)

  1. Annual Rent (+18% GST): ₹4,000 + ₹720 = ₹4,720/yr
  2. RBI Statutory Liability (100x): ₹4,000 * 100 = ₹4,00,000
Result: Minimum Bank Compensation in case of fire/theft/building collapse: ₹4,00,000

Frequently Asked Questions

Does the bank know what is stored in my locker?

No, banks do not maintain an inventory of locker contents, which is why RBI mandates 100x rent compensation.

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