Is bank lockers are safe in India?

Many of us think that if we are keeping our valuables in Bank lockers, then it is safe. However, it is not the case. Recently RBI came out with a new set of guidelines on Bank Lockers. Hence, it is better to understand the latest bank lockers safety rules in detail.

Does SBI provide lockers?

All most all the banks are offering the locker facility. They charge money as per the size of the locker. The country’s largest bank State Bank of India (SBI) also offers the facility to the customers. The bank, however, has revised its charges for lockers.

Do safety deposit boxes get robbed?

Safety deposit boxes are housed within a locked vault, which gives the outwards appearance of safety and assurance. Theoretically, contents in a safety deposit box are safe from being stolen and safe from the wear and tear that comes from keeping valuables out in the open.

Is locker in bank insured?

RBI has said that the bank would not be liable for loss of/damage to locker contents due to natural calamities or customer negligence. What is more, the central bank has said that a bank must clearly inform locker customers that the bank is not responsible for insuring the contents of the locker.

What if bank locker is robbed?

There are instances of thefts at banks where lockers were broken into. To remedy this, the Reserve Bank of India had recently announced a new rule that allows locker holders to claim compensation up to 100 times the annual locker rent if the holdings are lost due to theft, fire, bank fraud etc.

Is it safe to keep cash in bank locker?

Here is the official statement released by the bank: However, according to the RBI, banks are in no way responsible or liable for the content kept in the locker, even in the event of theft, burglary or similar unforeseen events. Since the cash was eaten up in the locker, the bank can’t be responsible for that.

Which bank is best for locker facility?

Many banks like SBI, HDFC Bank, ICICI Bank, Axis Bank, Punjab National Bank, Bank of Baroda, Kotak Mahindra Bank and many more offer bank lockers to every individual who have high-valued tangible assets. Everyone wants to make sure that their important documents, money and jewelries are safe and secured.

Can I hide money in a safety deposit box?

Experts warn there are several reasons you shouldn’t stash cash in a safe deposit box: If you need the money in an emergency, but the bank is closed, you’re out of luck. It’s better to put the money in an interest-bearing account or certificate of deposit. Some banks expressly forbid storing cash in a safe deposit box.

Is gold safe in bank locker?

Bank lockers are considered to be the safest place to store valuable jewellery, important documents, certificates or the things precious to you. Both the public and private sector banks offer locker facility to individuals for annual charges of Rs1,000 to Rs10,000 depending upon the size you opt for.

Can NRI hold locker India?

If the reasons mentioned are genuine, that is, if you are a Non-Resident Indian (NRI) or you were not in the city due to transferable job or any other genuine reason, then the bank can allow you to continue with the locker facility. Every bank is required to inform the customer about this clause.

What is the cost of a safe deposit locker in SBI?

In semi-urban and rural areas, SBI offers cheaper locker services where the rates generally begin from Rs 1,500 and go up to Rs 9,000. The safe deposit lockers offered by banks come in usually 4 sizes and are used by account holders for safekeeping of valuables.

How to identify a safe deposit locker?

In order to facilitate the identification of Safe Deposit Lockers on the basis of locker keys, Bank normally arrange to emboss on all locker keys, an identification code which could indicate the bank and the branch providing the locker. Annual rental is payable in advance.

How much does it cost to get a bank locker in India?

To get a bank locker, SBI charges a one-time registration fee of Rs 500 for small and medium lockers. However, for large and extra-large lockers, you will have to pay Rs 1,000 along with GST as a one-time registration fee.

What are the benefits of bank lockers?

Bank lockers offers you, a safe, trustworthy space to store your valuables, jewellery, documents and other things dear to you. In order to rent a safe deposit vault, you must first have a savings account with the particular bank.