Keeping gold jewelery and other expensive items at home often raises concerns about their safety. For this reason people like to open lockers in banks. However, availing the facility of bank locker does not mean that all your belongings kept there are safe in every situation. Many times people are not aware of the rules related to lockers, due to which they may have to suffer the consequences later.
The special thing is that the bank does not have information about which items a customer has kept in his locker and what is their total value. In such a situation, if there is a dispute related to loss or theft of goods, customers may face the challenge of proving their point. Therefore, it is better to make some important preparations before using the locker.
Keep information about the jewelery kept in the locker, (Bank Locker Rules)
After opening the locker in the bank, the customer should keep track of his valuables himself. Suppose, in future, a gold chain or other jewelery goes missing from the locker. In such a situation, it will not be easy to prove that the item in question was actually kept inside the locker.
To avoid this problem, prepare a separate list of the items kept in the locker. Take photos of each piece of jewelry and save its shopping bill. In case of old jewellery, it can also be useful to get a certificate after getting their value assessed by an expert.
It is also important to update the list of goods from time to time. If you put on a new piece of jewelry or take something out of the locker, change the description. Keep all proofs and documents safe outside the bank.
Ignoring bank messages may prove costly
It is also not right to not pay attention to the locker for a long time after taking it. Customers should visit the bank at regular intervals to check the status of the locker. Try to inspect it at least twice a year.
Alerts sent by the bank on registered mobile number and email are also important. If you receive any unknown information related to the use of the locker, get it investigated immediately.
If you get information about any suspicious activity, give a written complaint to the bank. After submitting the complaint, keep its receipt or receipt proof with you. Beyond this, in case of any dispute, you will have a record of the complaint.
Complete this work before surrendering the bank locker
If you no longer want to use the bank locker, follow the prescribed procedure to get it closed. It is not right to leave the bank in a hurry just by returning the keys.
First of all, take out all your belongings from the locker in the presence of the bank officer. After this, pay the outstanding rent and hand over the keys to the bank. Do not forget to take written confirmation from the bank after the locker is closed.
This document should clearly state that the locker has been emptied and the process of closing it has been completed. Also check that locker rent will not be deducted from your account in future.
If there is jewelery worth lakhs in the locker, how much compensation will the bank give?
There is a rule related to bank locker, which every customer should be aware of. In fact, the bank is not responsible to pay the full market value of the goods kept in the locker every time it is stolen or damaged in any other prescribed incident.
As per Reserve Bank of India guidelines, the maximum liability of the bank under specified circumstances such as negligence of the bank, fire, theft, burglary, robbery or fraud by the bank staff can be up to 100 times the annual rent of the locker.
This can be understood with an example. If a customer pays Rs 3,000 per year as rent for a locker, the maximum liability of the bank at the rate of 100 times will be Rs 3 lakh.
In such a situation, if the value of the jewelery kept in the locker is Rs 8 to 10 lakh, then it is not certain that the bank will get full compensation for the loss. However, this rule does not apply to all circumstances. There are separate provisions for losses caused by natural calamities or due to the customer's own fault.
Insurance can also be an option to protect valuables.
People who have a lot of expensive jewelery kept in their locker should consider the option of taking separate insurance. This can provide additional cover to protect goods whose value exceeds the bank's prescribed compensation limit.
However, it is important to understand the policy terms thoroughly before purchasing insurance. Check how much cover you will get against theft, fire and other incidents. Also get information about the circumstances under which the insurance company will not accept the claim.
If the locker is in the name of two people then understand these rules
Customers who have jointly purchased a bank locker must be aware of the conditions related to its operation. Some lockers allow one holder to operate alone, while others may require the consent or presence of both.
Apart from this, in case of death of any one account holder, first understand what will be the procedure for operation of the locker and claiming the goods kept in it. Keeping the nominee information updated and reading the terms of the agreement with the bank can reduce future problems.
Don't forget these precautions after getting the locker
The facility of bank locker is helpful in keeping valuables, but it is not wise to completely depend on the bank for its safety. Keep your goods bills, photos and valuation proof safe. While using the locker, pay attention to the alerts of the bank and immediately report any discrepancy to the authorities. By taking these small precautions, the possibility of financial loss and legal disputes in future can be reduced.