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Bank Lockers Are Not Safe Anymore

    IndianMoney.com Research Team | Wednesday, June 28,2017, 06:55 PM
 

You love keeping gold ornaments in your cupboard? This is a piece of advice for you. Just take all those gold ornaments and put them in a bank locker. What if your servant runs away with the family jewels?There are greedy eyes everywhere. It's just a matter of time before your gold jewelry vanishes. Why, just ask your family, relatives, friends and well wishers? They will tell you pretty much the same thing.

This used to be considered common sense till a few days ago. Not anymore. Just read this shocker. Banks will no longer compensate you for the loss of valuables in bank lockers says the RBI. More than 19 banks are saying this, The relationship between you (customer) and the bank when it comes to bank lockers is that of lessee (landlord) and lessor (tenant). This means you (lessor) are responsible for your valuables stored in the bank lockers.

What does all this mean? Banks are washing their hands off their responsibilities. Why some banks are saying that if you store any valuables in their locker, it's at your own risk. It's clearly mentioned in their locker hiring agreements. Now to the big question. What are your options? Just read on. Want to know more on fixed deposits? We at IndianMoney.com will make it easy for you. Just give us a missed call on 022 6181 6111 to explore our unique Free Advisory Service. IndianMoney.com is not a seller of any financial products. We only provide FREE financial advice / education to ensure that you are not mis-guided while buying any kind of financial products.

 

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Bank Lockers Are Not Safe Anymore

 

1. You don't really need a bank locker

 

Let's go back a few years. Storing valuables in your home was a really bad idea. Thieves and robbers could pay you a visit and disappear with your valuables. If you listened to sound advice it would be, take your valuables and put them in a safe deposit locker of a bank.

But today things have changed.... You can buy a home safe which is just as safe as any bank locker. Banks use the safes of the very same companies which manufacture the home safe. You can purchase a single-walled or a double-walled safe. You can even buy a light compact safe or if you wish, a heavy bulky safe. These safes could be anchored to walls or even fitted in the flooring. Which burglar could imagine there's a safe in the floor?

Today's modern safes are just that....very safe. They come with International certifications. If you want to store cash and some important documents, opt for an electronic safe. If you want to store jewelry, there are the fire resistant safes which are strong and bulky. You even have burglary resistance safes which can stand against advanced burglary attacks. Sure safes cost money, but you can consider this as a one-time investment.

Don't you think a good home safe is better than a bank locker?

 

2. Banks set conditions for giving you a bank locker

 

Need a bank locker in a hurry to keep your valuables safe? The bank could really squeeze you, before it gives you that bank locker.  The first problem...Most banks say there are no lockers available. You are put in a really long waiting list. Not impressed? You will have to physically visit other bank branches to see if there are any lockers available.

Banks are very cunning opportunists. This is what they say. Want a locker in a hurry to store your valuables? All you need to do is open a savings bank account with us. Some greedy banks even ask you to open a fixed deposit with them. Does the buck stop here? No, if you are really desperate for that locker, banks could ask you to take up a life insurance plan or even invest in a debt mutual fund scheme.

Aren't banks making you bend backwards for that locker?

 

3. Get your valuables insured

 

Banks have a piece of friendly advice for you. Insure your valuables stored in bank lockers. Banks say," We are not responsible for your valuables in lockers. You better insure them." Now why don't you store your gold jewelry and valuables in your home safe and also insure them. There are several insurers willing to insure your valuables. You can also opt for a householder's package policy. You just have to declare your jewelry and other valuables and get them insured against loss or damage due to theft, accidents or even a fire.

It's time to teach those greedy banks a lesson. Time to say No to their lockers. Time to say No to those savings bank accounts, FD's and life insurance plans they force down your throat, just to get that locker. Why not buy a good home safe and get your valuables insured. Be Wise, Get Rich.

IndianMoney.com Research Team

The research team at IndianMoney.com comprises of certified and experienced professionals who share the company's vision to make every Indian financially literate by equipping every Indian with right and unbiased advice. IndianMoney.com research team provides newsletters, articles, videos and FAQs on various financial products and concepts only to help you make wise financial decisions.

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