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Have you kept your gold in a bank locker? Know these things

IamCheated.com Research Team | December 03, 2019  5:53:pm

Have you kept your gold in a bank locker? Know these things

With the gold prices rising each day, people normally prefer to keep their gold ornaments in bank lockers, rather than at home. Bank locker is a facility provided by banks to customers to keep valuable things like gold jewelry, diamonds and even documents at the bank. These lockers are kept in a strong room/vault at the bank, with the door made of hardened steel.

It is normally believed that bank lockers are very safe. But, have you ever thought of what happens to your valuables in the bank locker in case of sudden fire, robbery etc? Who is going to bear the losses? Is it the customer or the bank?

In this blog, we will discuss certain important things you must know if you have kept your valuables in the bank locker.

See Also: Do's And Don'ts While Buying Gold Jewellery

How safe are your valuables in the bank locker?

If you believe that your bank will compensate for the valuables in the bank locker if they are stolen, you are wrong. According to the RBI guidelines, “Banks have no liability for loss of valuables in lockers”. Banks are not responsible for the valuables in your bank locker if the locker is compromised due to theft, fire, earthquake, flood, civil commotion, war or any other incident which is not in the control of the bank. You have to keep your valuables in the bank locker at your own risk. 

How to protect your valuables kept in the bank lockers?

You can protect your valuables kept in the bank locker by availing locker insurance. Locker insurance in India is not offered by banks, it is offered by the private insurance companies to customers. Now, many general insurance companies in India offer locker insurance facilities under home insurance or content insurance.  Under a home insurance policy, valuables and jewelry insurance are offered. This covers the valuable items from accidental loss or damage.

Also, some insurance companies offer valuable item insurance covers. The premium amount for this insurance is based on the value of the gold you have kept in your bank locker.

Certain things customers must be aware of

1. If you have lost the valuable items kept in the bank locker due to the negligence of the bank and its officials, than the bank has to pay the compensation for the loss suffered.

2. If you find that the bank is responsible for the loss of the valuables in the locker and is not paying the compensation for the same, then you have all the right to approach the National Consumer Redressal Commission (NCDRC).

3. It is advisable to make a list of all the valuable items you have kept in the locker.

4. Make sure to read the terms and conditions carefully.

See Also: Insurance To Protect Your Bank Locker

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