Bank lockers are considered the most reliable option for gold security. The constant fear of theft or loss at home looms large, so many people choose to store their precious jewelry and gold in bank lockers.
Storing gold in a locker not only ensures security, but also allows for easy access if needed. However, there are some rules and limits to gold storage that are important to know.
Income Tax rules set a limit on the amount of gold you can keep at home:
Married women : Up to 500 grams
Unmarried women: Up to 250 grams
Men: Up to 100 grams
A married couple can keep a total of 600 grams of gold at home (husband 100 grams + wife 500 grams). This rule is designed to prevent illegal gold and tax evasion.
Rules for Storing Gold in a Bank Locker
According to RBI guidelines, there is no maximum limit on the amount of gold you can store in a bank locker. You can store as much gold as you need, as per your convenience. However, the bank may ensure that your gold comes from a legitimate source, such as a bill of purchase or other proof. Banks generally cannot inquire about items stored in a bank locker unless there is evidence of illegal activity or suspicious items.
Locker Holder Priority List
Banking regulations have recently been changed. Now, when you purchase a locker, you must provide the bank with a priority list. This list will specify who will have the right to open the locker in the event of the locker holder’s death. This new system aims to avoid family disputes and legal complications. The first person on the list will be given the right; if they are unavailable, the next person will be given the opportunity.
Safekeeping Tips
- Always keep your locker details in a safe place.
- Keep all purchase bills and documents safe .
- Do not keep illegal or suspicious items in your locker.
This way, you can keep your precious gold and jewellery in complete safety and avoid any dispute in the future.
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