You’ve often heard of people using bank lockers to keep their gold or gold jewelry safe. However, there are many rules about bank lockers that the general public may not be aware of.
In fact, gold kept in a bank locker is safe only until the bank collapses or a disaster strikes. Instead of keeping gold in a bank locker, you can use it for various other options, where your gold will also generate income.
Benefits of keeping gold in a bank locker
Keeping gold at home always carries the risk of theft or accident. In such a situation, a bank locker offers a more secure option. The bank is responsible for the security of the locker, providing peace of mind to the customer.
But no return benefit
A common misconception among many people is that they believe that gold kept in a bank locker will generate interest or returns. The truth is that banks only provide locker facilities; you don’t earn any interest on the gold. This means that whether the gold is kept in a locker or at home, its value will increase only due to market prices, not due to the bank’s actions.
How can you earn?
If you want to earn money from your gold and keep it safe, you should use a Gold OD. This allows banks to fully insure your gold jewelry and reimburse you in case of any problems. You can also exchange the OD for cash from the bank. This will keep your gold safe and ensure you receive your money.
What will happen if the gold disappears?
Suppose your gold is stolen from your bank locker or is damaged due to some reason, then the RBI has set the rules for recovery. The bank does not directly return the full value of your gold. Its responsibility is limited to a fixed limit. In fact, it is written in the bank locker agreement that the bank does not provide full guarantee regarding the contents of your locker. However, according to the recent RBI rules, if the bank causes any loss due to its negligence, then it will have to compensate the customer. The bank will compensate you 100 times the annual fee of the locker, even if you have kept goods worth crores in the locker.
Half of India does not know these rules.
Surveys show that more than half of people don’t understand these basic facts. They believe that gold stored in a bank locker is the bank’s sole responsibility and that full compensation will be provided if it is stolen. However, the truth is that the bank is only partially responsible.
We have taken all measures to ensure that the information provided in this article and on our social media platform is credible, verified and sourced from other Big media Houses. For any feedback or complaint, reach out to us at businessleaguein@gmail.com
Add businessleague.in as a Preferred Source
