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Bank Locker Rules: Most people in India keep their jewelery in bank lockers so that the jewelery does not get stolen. Whenever you go to keep jewelery in the locker, you should know about some rules to the locker, otherwise you may get into trouble. So let us know some important rules to bank locker…

Is there any limit for keeping gold in a bank locker?

The Reserve Bank of India (RBI) has not set any maximum limit for keeping gold or other valuables in a bank locker. Customers can keep as much gold as they want according to the size and capacity of their locker. The bank does not even have the right to know what is kept inside the locker and its quantity.

This is why bank locker is considered a private and secure option. Customers can keep their jewellery, documents, silver and other valuables in the locker without any limit.

What things should be kept in mind while buying a locker?

Although bank lockers are considered safe, many people assume that all the contents kept in the locker are fully insured. In fact the bank only provides locker facility. The bank does not have information about the items kept inside the locker, hence it does not insure their value.

So, if you have a large amount of gold or expensive jewellery, it may be a wise move to get a separate insurance instead of relying only on the bank locker.

How much responsibility does the bank bear in case of loss?

As per RBI guidelines, if the contents of the locker suffer loss due to negligence of the bank, theft, robbery, fire or fraud of bank employees, the liability of the bank is limited.

Normally the bank is liable to pay compensation up to 100 times the annual rent of the locker. For example, if the annual rent of a locker is Rs 3,000, then the maximum compensation you can get is Rs 3 lakh. If the value of the jewelery kept in the locker is more than this, the customer may have to bear the entire loss himself.

Should I get separate gold insurance?

Financial experts believe that people who have large amounts of gold or expensive jewelery must get separate insurance. This can prevent financial loss in case of any unexpected incident.

While taking an insurance policy, it is important to carefully understand its terms, coverage and claim process.

What do the rules for keeping gold at home say? (Bank Locker Rules)

Many times people get confused about the rules for keeping gold in bank locker and at home. According to the guidelines of the Income Tax Department, if a married woman has 500 grams of gold, an unmarried woman has 250 grams of gold and a man has up to 100 grams of gold, usually no inquiry is done.