Just having a bank box isn’t enough if you keep gold and silver jewellery, other valuable jewellery, or other items in it. A lot of people think that the things in a bank box are completely safe and that the bank will pay them back if they lose anything.
But this is only somewhat the case. In truth, the bank isn’t completely responsible for what happens to the things in its lockers. You could lose a lot in that kind of scenario. As a result, it’s very important to get separate protection for expensive items kept in a closet.
Are the valuables kept in a bank locker totally safe?
A lot of people believe that keeping their gold, silver, and important papers in a locker will keep them safe. But the bond between the customer and the bank is thought to be like the one between a locker owner and a renter. In other words, the bank isn’t liable for the contents of your storage. The bank does not have to give a safe inventory or tell the customers the worth of their things. So, the bank doesn’t make up for all the losses.
RBI Rules: When Will the Bank Pay?
The RBI says that if an employee of the bank causes a loss because of carelessness, inaction, or fraud, the bank has to pay compensation. The amount paid will only be up to 100 times the yearly cost of the locker, though. This payment might not be enough if you have gold worth lakhs in your safe. As a result, insurance is very important.
What things does the insurance cover?
Things that are allowed to be kept in bank boxes can be insured. Things that were talked about:
- Gold, silver, and diamond jewellery
- Expensive studded items
- Important documents
- Rare collection items
- Precious metals or coins
Insurance companies may have different types of coverage.
How can I ensure my locker? What are the guidelines?
Self-insurance needs to be obtained by the customer. The bank’s insurance does not cover what is stored in the locker. You have to buy it from an insurance business, not as part of something else. This coverage protects your stuff from damage, theft, fire, earthquakes, and floods. A lot of banks also have group insurance plans for their customers that don’t cost a lot of money. Policies usually cover at least ₹3 lakh and up to ₹4 million or more. If the item is worth more than ₹1 million, you need an assessment report from a valuer.
Big Benefits of Insurance
1. Money Safety
If cash, silver, or important papers stored in a locker are stolen or lost in a disaster, the insurance company pays for the whole thing.
2. Calm and Worry-Free Mind
No matter how bad the loss is, insurance makes sure you get paid. This gets rid of worry.
3. Security Cover for Home
Many plans also cover things while they are being taken from the locker to their home. This means that if they are stolen or hurt while being shipped, they are still covered.
4. Large Cover for a Low Premium
The low fees and coverage of lakhs mean that everyone can afford it.
5. Advantages of a Group Policy
If the bank has group coverage, the cost will be lower, which saves the customer money.
6. Simple Way to File a Claim
It’s a lot easier to make a claim if you have the right papers. These days, claims that are processed digitally get paid faster.
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