Bank Locker: Keeping cash in a bank locker is prohibited. Jewelry, documents, etc. are permitted. Compensation will be available for losses caused by bank negligence, but not in the event of a natural disaster. Overall, gold is safe in a bank locker, but the bank does not guarantee complete security.
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Bank Locker: Bank lockers are used by people to keep their valuables and important documents safe. Banks provide 24×7 CCTV surveillance, restricted entry, alarm systems, and other modern security measures to ensure better customer safety. However, bank lockers can only be used for legitimate and prescribed purposes. The Reserve Bank of India has also made some changes to the rules related to bank lockers and issued new guidelines. Consequently, it has become important to understand the safety of gold jewelry kept in lockers.
According to the new rules issued by the Reserve Bank of India (RBI), banks are fully responsible for unforeseen incidents such as fire, theft, and fraud committed by employees. In such a situation, the bank is required to compensate you up to 100 times your annual locker rent. If your locker rent is ₹2,000 per year, you receive compensation of ₹2 lakh per year based on 100 times this amount. However, this compensation is very less considering the current gold prices.
Will the jewelry stored in the locker be insured?
Banks do not insure gold jewelry stored in their lockers. This is because they do not maintain records of the contents of the locker, information only available to the customer. The RBI stated, “Banks should clearly state in their locker agreements that since they do not maintain records of the contents of the locker or any items removed or placed in it by the customer, they will not be responsible for insuring the contents of the locker against any risks. The locker agreement clearly states that the responsibility lies with the customer.
What can and cannot be kept in a bank locker?
According to the RBI, bank lockers cannot be used for any illegal or unlawful purpose. Keeping dangerous, prohibited, or illegal items in the locker can result in strict action. Let’s take a look at what can and cannot be kept.
Items allowed in a bank locker
- Jewelry
- Loan-related documents
- Property documents
- Birth certificate
- Marriage certificate
- Insurance policy
- Savings bond
- Other confidential and valuable documents
These items cannot be kept in a bank locker:
Cash and currency
Weapons and ammunition
Drugs and narcotics
Explosives and contraband
Perishable or radioactive items
Dangerous or illegal substances
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