Bank Locker Rules: Nowadays, most people consider it safer to keep gold in a bank locker instead of keeping it at home. People think that valuables kept in the bank are completely safe and if there is theft or loss, the bank will compensate for it. But let us tell you that this is not completely so. According to the rules of the Reserve Bank, the bank is not responsible for the safety of everything kept in the bank locker.

Because the bank is not aware of what is kept in the locker. However, certain rules are the responsibility of the bank and there is a fixed limit on compensation for it. Many people do not know this rule due to which they suffer losses later.

Whose responsibility is it if gold is stolen from a bank locker?

If your gold is in the bank locker. And you think that if gold is stolen then there will be no problem and the bank will be responsible. So let us tell you that as per RBI guidelines, bank locker facility is only a storage service. Not insurance protection i.e. the bank is not responsible for the contents of your locker. If the things kept in the locker are stolen or get damaged in an accident. So the bank will be responsible only if its negligence is proved.

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For example, if the bank lacked the security of the locker. Records were not maintained properly or there was loss due to staff error. Then the bank may have to pay compensation. Under the new rules implemented in 2022, banks will be obliged to pay compensation up to a maximum of 100 times the annual rent. But this will happen only if the bank’s fault is proved.

What should customers keep in mind?

If you use bank locker. So some precautions are very important. First of all, keep the list of things kept in the locker in written form and keep its photographs along with the receipts safely, so that evidence can be found if needed. Second, read the contract of the locker carefully. Because what things the bank will be responsible for and other important things are written in it.

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If there is ever any suspicion of loss or theft in the locker. So immediately give written information to both the police and the bank. Many banks advise customers to get their valuable jewelery or documents insured separately. This maintains security even outside the locker and increases the chances of getting compensation even in case of loss.

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Gold Locker: People often keep their jewelery in bank locker so that the jewelery remains secure. Keeping jewelery in the locker is a good option. There is no fear of theft from this, we can take it out whenever we want. The bank collects some charges in return and in return takes the responsibility of their security. But do you know that there are some rules for keeping jewelery in the locker, let us give you information about it today through this news-

How much gold can you keep at home?

According to the Income Tax Act, a married woman can keep only 500 grams of gold, whereas for unmarried women this limit is 250 grams. Apart from this, men can keep only 100 grams of gold in their name. That means, the limit for keeping gold in one’s house has been fixed differently for everyone. For example, if a married man and woman live in the same house, then they can have a total of 100 grams + 500 grams = 600 grams of gold.

Limit for keeping gold in locker

According to RBI, there is no maximum limit for keeping gold in a bank locker. However, the amount of gold being kept in the locker depends on the policies of the bank. Apart from this, you should also have proof that you have purchased the gold legally. Simply put, RBI has not made any rules regarding the amount of gold that should be kept in the bank locker. It depends on the customer how much gold he wants to keep in his bank locker. The bank cannot ask you what you have kept in your locker and why, unless you have kept something illegal in it.

Priority list for locker

Under the changes in banking rules after Diwali, now the person opening the locker will have to give a priority list. That is, while opening the locker, he will have to write to the bank as to who will be entitled to open the locker after his death.

Its purpose is to strengthen the security and prevent any kind of legal dispute in future. Earlier, after the death of the locker holder, a dispute would arise among the family members regarding the locker, but now due to the priority list, this will not happen. According to the list, the one whose name appears first will be entitled to open the locker. In his absence, second and thus second and fourth will come.

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