We Indians buy a lot of gold as well and we have a great craze of buying properties too. Now the problem is keeping so many documents as well as valuable assets at home is not a good choice. So what people do is that they keep their valuables like gold, silver, even some cash, and documents in bank lockers for safekeeping. These bank lockers provide the highest level of security to the individuals.
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But the problem is these lockers are not 100% secure and thus your valuables can be gone at any time. So understanding the risk is very much necessary. The Reserve Bank of India has said that if your valuables in the bank locker are stolen or get damaged in case of terrorist attack, flood, riot, earthquake, or because of customer negligence then it is not the responsibility of the bank for the compensation.
But if the incidents like theft, fire or the negligence of the bank's employees then it is the bank's liability to compensate. Now since the bank doesn't know what's the value of the assets you have kept inside the locker, they only compensate to a certain limit. The limit is 100% times the annual rent of the locker.
For example, I pay the annual rent of Rs 1700 for a small locker near my house, so the compensation I will get is only 1.7 Lakhs and not more than that, which I feel is quite low. So what I have to do is to make sure I will not keep my valuables of more than 1.7 lakhs in that locker. And thus I will try to get one or two more lockers to divide my valuables and keep the asset values less than 100 times the annual rent.
I know the bank lockers are not 100% secure but we have the only option available with us as of today.
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