Jewelery in Bank Locker: Is gold hidden in the locker? Are you insured? Banks are not responsible otherwise!

Jewelery in Bank Locker: Is gold hidden in a bank locker? Is your gold safe yet? Get insurance immediately. If your gold is lost .. the bank will not take any responsibility. Nowadays it is believed that valuables like important documents and gold jewelery are safer in bank lockers than at home. However, there is a charge to store these in bank lockers. Banks charge from Rs.1,000 to Rs.10,000. If you make a fixed deposit in the bank where the gold is hidden .. then the banks will waive the locker charges. Many people hide in lockers that gold is safer in banks than at home.

Because .. there are facilities like security strong room. CCTV monitoring surveillance is always on. Every event is recorded. Security guards, under surveillance. Once you hide your gold in the bank locker .. you can sleep comfortably at home without any fear.

The risk on items in the locker is yours:

So far so good. But, if the gold hidden in the bank lockers is lost due to any unforeseen fire, robbery, staff negligence, other suspicious incidents like natural calamities, valuable gold and documents are lost .. then the banks will not be responsible for the gold you have hidden. The Reserve Bank of India (RBI) has issued guidelines in this regard in 2017. Banks have no liability for valuables lost in lockers. Also no compensation will be provided to the victims. The locker agreement is taken at the same time as the bank locker. It is clear that the banks have nothing to do with it. Customers have to take their own risk in case of valuables hidden in lockers. If you go to the bank and ask .. the same question .. only the locker is given to you .. did you tell us what you hid in it? Will have the opportunity to ask. Because many people take care of their privacy. That is why banks also leave it to the discretion of the customers in their case. If banks are asked to show in the form of documents what is hidden in the lockers .. it would be a violation of privacy there. Many customers are hesitant to reveal valuables hidden in lockers for fear of other things like income tax.

The only way forward for customers is to

take out an insurance policy so that you can bury the loss. Banks do not offer any locker insurance to their customers. Some private agencies can help customers with similar insurance policies. Taking out these insurance policies can protect customers from losses of cash and other valuables in the bank locker. These policies include add-on covers to insure important documents in the bank locker. This policy covers accidents, robberies, hold ups, distrust of bank staff, loss or damage of valuables from the bank locker with terrorist acts. All this can be covered by an additional premium. Gold insurance policy ranges from Rs 2 lakh to Rs. Provides an insurance amount of more than Rs 50 lakh.

The premium charges for insurance covers depend on the amount of gold you want to keep inside the locker. Premium charges are also nominal. For a sum insured item worth Rs 10 lakh, the premium in a city like Mumbai is around Rs 1,000. There may be GST. Banks, due to the negligence of the officers in it, if a customer loses valuables inside the locker .. then it is the duty of the bank to pay compensation. If the bank refuses to pay compensation .. the customer can contact the National Consumer Settlement Commission. Earlier this year, the Supreme Court directed the Reserve Bank to bring in regulations within six months mandating the steps to be taken by banks in the management of locker facilities.

The court held that it was inappropriate for banks to avoid liability to customers who operated lockers. The court was hearing an appeal filed by Amitabh Dasgupta, a Kolkata resident, against the order of the National Consumer Dispute Resolution Commission. This gave the RBI another month or more to finalize. However, the court is likely to resolve the issue only in the case of negligence of the banks. It should be noted that this is not possible in all other respects. Banks are safe to keep your gold .. But analysts also want to be aware of the dangers of keeping valuables in lockers.