Why Should I Use A Bank Locker
You might be wondering “Why Should I Use A Bank Locker”, but let me tell you after reading some important facts about bank lockers you’ll definitely find it a much better option than home safes.
Be it precious jewelllery, gold coins, money or other highly valuable items, bank lockers are considered to be the safest and secured place. Bank lockers seem to be so safe when it comes to accidental loss, damage, burglary and theft of jewellery and other expensive items.
If we compare Home safes and bank locker, there have been a few incidents where the items kept in bank lockers were stolen, on the contrary, home lockers has smashed all the records. Let’s discuss this issue in brief and figure it out why bank lockers are better than home safes?
Why Should I Use A Bank Locker
Benefits of Bank Locker
Most of the banks provide locker facility to keep your valuable items such as important documents, gold and other valuable items. The reason why should I use a bank locker and how secure are the valuable goods in them are mentioned below:
- One of the most important reasons to keep your important papers and other valued articles in bank lockers is their safety from any kind of damage. There are more chances of damage or important papers being misplaced if you keep them at home whereas it does not happen if you keep them in bank lockers.
- The second important reason for keeping precious items in the bank lockers is their security. The chances of your important goods being stolen are far less if you keep them in locker facility provided by the bank. It is the duty of the bank to safeguard your products if you opt for lockers.
- In case of items being lost due to robbery or theft in the bank, you will get compensation from the bank as they sign an agreement with the customer.
- It provides relief to the customers from the burden of keeping their precious items at home.
- Banks also provide an option of nominee for the locker to the customer.
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Insurance Is Must
One of the most secured means to safeguard your content in bank locker is to get it insured against theft and damage. According to R. Suresh Nair, Head of Product Development, Bajaj Allianz General Insurance advises, “Have jewellery and valuables insured irrespective of whether they are in home safes or bank lockers.” To avail this facility, the customer is required to declare the list of jewellery or other valuables, that he/ she intends to keep in bank locker, along with the valuation report of the same.
As per M. Ravichandran, President, TATA-AIG General Insurance, “Only if the declared jewellery is worth Rs 10 lakh and above is a valuation required.” This report is arranged by a valuer who is certified by Indian government to describe every item of jewellery. The additional cost of premium is declared in a home insurance policy to be 1-1.5% of the cost of jewellery.
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Most Important Facts Which You Should Be Aware Of Before Applying For A Bank Locker:
1. The bank shall not be held liable for the content in the locker in case of any unexpected situation which is not under the control of bank. According to RBI Policy, “The bank will, in no way, be responsible/ liable for the contents kept in the locker by the hirer. In case of theft, burglary or similar unforeseen events, action will be initiated as per law.”
2. If someone opts for a locker from a bank, he/she must consider the fact that an amount is needed to pay as rent to bank to avail locker facility. The locker size and their charges may vary depending on the product size and its weight.
Most of the banks offer locker facility at different price at different locations. Some banks also charge some amount of fee in case of keys of the locker being lost by the customer. Below we have shared PSU Banks Charge For Lockers.
Above charges are for lockers of Government Banks. Private Banks charge more than this.
3. When you keep your valuable items in bank lockers, bank is not notified about its content and because of this, the bank won’t provide any insurance for it. As per Section 152 of the Indian Contract Act, bank shall not be held responsible for any damage or loss to the contents of a locker.
According to CVR Rajendran, CMD of Andhra Bank, “As banks don’t know the contents of the locker, they don’t have an insurable interest (where the insured person derives a financial or other kind of benefit from the continuous existence of the insured object) in the same.”
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4. Only in two situations, banks can compensate for your loss:
- If you bring the proof of your valuable items in the locker by the way of invoice or chalan which is obtainable from the place you bought those belongings.
- If you are able to prove that the bank failed to provide all the requisite security measures to preserve your content inside the locker.
In the end we can say that using bank lockers is one the best alternative for keeping your valuables such as important papers and jewellery for safety and security purpose. For more updated facts, stay in touch with us through our web portal.
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