Bank Locker- How Safe Is Your Gold? Know RBI Rules and Guidelines

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Bank Locker: Individuals utilize bank lockers to securely store their valuables and essential documents. Banks offer round-the-clock CCTV monitoring, restricted access, alarm systems, and various modern security features to enhance customer safety. However, bank lockers are intended solely for legitimate and designated uses. The Reserve Bank of India has recently updated the regulations concerning bank lockers and has released new guidelines regarding this matter. Consequently, it is crucial to comprehend the safety of gold jewelry stored in lockers.

As per the new regulations issued by the Reserve Bank of India (RBI), banks hold full responsibility for unexpected events such as fire, theft, and employee misconduct. In these cases, the bank must compensate you up to 100 times your annual locker fee. For instance, if your locker fee is Rs 2,000 annually, you would receive a compensation amounting to Rs 2 lakh. Nevertheless, this compensation is relatively low when considering the current market value of gold.

Is the jewelry stored in the locker insured?

Banks do not provide insurance for gold jewelry kept in their lockers. This is due to the fact that they do not keep any records of the locker contents, which are solely known to the customer. The RBI has stated, “Banks must clearly indicate in their locker agreements that since they do not maintain records of the locker contents or any items deposited or withdrawn by the customer, they will not be liable for insuring the locker contents against any risks. The locker agreement explicitly states that the responsibility rests with the customer.

What items are permissible and impermissible in a bank locker?

According to the RBI, bank lockers must not be utilized for any illegal or unlawful activities. Storing dangerous, prohibited, or illegal items in the locker may lead to severe consequences. Let’s examine what can be stored and what should not be stored.

Items allowed in bank lockers

Jewellery
Loan documents
property papers
Birth Certificate
Marriage Certificate
insurance policy
Savings Bond
other confidential and valuable documents

These items cannot be kept in bank lockers

Cash and currency
arms and ammunition
Drugs and narcotics
Explosives and smuggled goods
Perishable or radioactive items
dangerous or illegal substances

About the Author

Sweta Mitra

Working in the media for last 7 years. The journey started in the year 2018. For the past few years, my working experience has been in Bengali media. Currently working at Timesbull.com. Here I write like Business, National, and Utility News. My favorite hobbies are listening to music, traveling, food,...

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SwetaMitra@timesbull.com Author at TimesBull TimesBull
Working in the media for last 7 years. The journey started in the year 2018. For the past few years, my working experience has been in Bengali media. Currently working at Timesbull.com. Here I write like Business, National, and Utility News. My favorite hobbies are listening to music, traveling, food, and books. For feedback - timesbull@gmail.com
Sweta Mitra - Author at TimesBull
About the Author

Sweta Mitra

Sweta Mitra - Author at TimesBull

Working in the media for last 7 years. The journey started in the year 2018. For the past few years, my working experience has been in Bengali media. Currently working at Timesbull.com. Here I write like Business, National, and Utility News. My favorite hobbies are listening to music, traveling, food,...

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