Most people in India possess gold in some form or another. Some possess gold jewelry, while others possess gold in other physical forms. Physical gold is a good investment option, but the biggest concern when purchasing it is its safety and security, fearing theft.
In such a situation, a bank locker is a good option for its safekeeping. Your gold is kept safe in a bank locker, and you can access it whenever you wish. Banks charge rent for this and provide security facilities in return. Let’s explore the limits on gold storage in banks and the RBI’s rules and regulations regarding this matter.
How much gold can people keep in India?
According to Indian income tax laws, a married woman can possess only 500 grams of gold, while for unmarried women, the limit is 250 grams. Furthermore, men can only possess 100 grams of gold in their own name. It’s important to understand that the limit on the amount of gold a household can hold varies by individual. For example, if a married man and woman live in a household, they can possess a total of 100 grams + 500 grams = 600 grams.
What is the limit for keeping gold in the bank?
According to the RBI, there is no maximum limit on the amount of gold you can keep in a bank locker. However, the amount of gold you can keep in your bank locker depends on the bank’s policies. Furthermore, you should be prepared with proof that you purchased it legally.
Simply put, the RBI has not established any rules or regulations regarding the amount of gold a person can keep in their bank locker. It is up to the customer to decide how much gold they wish to keep in their bank locker. Furthermore, the RBI establishes regulations regarding the security and accountability of your bank locker. Furthermore, the bank cannot ask you what you have kept in your locker and why, unless you keep anything illegal in it.
