By Admin 
Gold Storage Rules: Most of the people in India use bank lockers to keep their valuable jewelery safe. Now gold is kept, but no one has the information about how much gold is allowed to be kept in the locker. Has RBI set any limit for keeping gold or can you keep as much gold as you want in the locker? Such questions often come to mind. Here we will give you answers to all the questions related to keeping gold in bank locker. Anyway, before keeping gold, you should know about all the rules.
Is there any limit for keeping gold in the bank?
No, RBI has not set any limit for keeping gold in bank locker. You can keep as much gold as you want as per the capacity of your locker. The bank cannot even ask how much gold, silver or other items you have kept in the locker. That’s why people consider bank lockers safe.
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What to pay attention to?
However, there is no limit on keeping gold. But this also does not mean that you keep all the gold in your locker and it is completely safe and insured. Actually the bank only provides locker space. Even the bank does not have information about what is kept inside the locker. That’s why the bank does not insure your gold.
Who compensates for the loss?
Very few people know that according to RBI rules, if there is loss of locker contents due to negligence of the bank, theft, fire, robbery or fraud of bank employees, then the liability of the bank is limited. For example, if the annual rent of your locker is Rs 3,000, then the bank will give compensation up to a maximum of Rs 3 lakh. But it is possible that the gold kept in the locker may be worth Rs 20 lakh or Rs 30 lakh.
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Should I get separate insurance?
If you have a lot of gold or expensive jewellery, then you must get them insured separately, because even a bank locker does not provide protection.
What are the rules for keeping gold at home?
Often people remain confused about the rules for keeping gold in bank locker and at home. According to the guidelines of the Income Tax Department, questions are generally not raised 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. However, if there are valid purchase documents, more gold than this can be kept.