Is it right to keep gold jewelery in a bank locker?

You will need to approach a bank to deposit jewelery in a bank safe deposit box. The annual fee varies depending on the size of the safe deposit box and the location of the bank. 

What is a bank locker?

In order to provide a safety deposit box, some banks require you to keep a deposit or take out some form of insurance. But as per RBI norms, they cannot force you. You can take any deposit fund in less amount to satisfy the bank. It is your choice.

Let's take a look at the pros and cons of keeping jewelry in a bank safe deposit box.

Benefits;

A safe deposit box in a bank includes various security features. There are various features like security vault room, theft alarm, surveillance cameras, so the chances of theft are less.

While traveling abroad, there is no need to worry about too much gold at home.

Whenever you need gold, you can go to the bank and take gold jewelery from the safe deposit box. It cannot be easily taken without proper permission.

Pros - Prevents theft.

Disadvantage - There is gold jewelry in the form of money without helping anything - more like this. Written by Sharmila Devi.

Sell ​​your jewelery and buy government issued SOVEREIGN GOLD BOND (SGB). 2.5% interest per annum.

After 5 years and within 8 years two days in a year can be sold to the government.

They will pay whatever the price of gold is on the date of sale.

SOVEREIGN GOLD BOND (SGB) is announced by the government from time to time. Buy then.

evils:

Annual security deposit fee. It varies from bank to bank and the size of the safe deposit box.

Withdrawals can be made only during banking hours. It cannot be easily taken anytime.

As per Reserve Bank of India rules, there is no compensation if anything is lost in the safety deposit box in the bank. It is a landlord-tenant relationship. Renter is responsible for lost items. And the bank does not know the details of what items are in the safety deposit box.

As far as I'm concerned, a safe deposit box in a bank is a wonderful thing. We should take advantage of it. We can get you the highest level of protection at the lowest annual fee. We have to spend lakhs to bring such security to our homes. It is not easy to say how far we can protect it even if it does so. It creates unnecessary stress in the mind while going abroad.

Get peace of mind by using a bank safety deposit box.

There is no doubt that keeping gold jewelery in a bank locker is very safe. But in case of unexpected theft or natural calamities like fire and flood, the bank will not be responsible in any way. No matter how much jewelry you keep, you can only get compensation up to a maximum of one lakh (or) five lakhs.