How Gold Lockers Work: Safety and Process

Last Updated: 14 Oct 2024

Indians have a fascination with investing in gold. But gold needs to be stored safely due to its high value. Instead of storing it at home, several people take up a locker for gold in the bank. If you are confused about storing gold in a bank locker, find out more about it in this article.

Is It Safe to Store Gold in Bank Lockers?

Banks employ several high-security measures to protect customers’ assets against theft. They design innovative and deep vaults for customers to store their gold with maximum security

The locker area in a bank is highly secure, and no one can enter it without prior permission. Therefore, keeping gold in bank lockers is a highly safe choice.

But you won’t earn any interest on gold kept in bank lockers. Instead, customers have to bear charges for keeping gold in bank lockers.

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How Can You Use the Gold Kept in Bank Lockers?

One of the best ways to use gold in bank lockers is to take a loan against it. You can use the funds from a gold loan for various purposes, including education and business. Moreover, banks usually charge a low-interest rate for gold loans.

Apply for a gold loan. is quite simple; you can do it online. The processing time of gold loans is also relatively low, and you are not required to submit too many documents. But remember that failing to repay a gold loan can permanently lose your assets.

How to Keep Gold in Bank Lockers

If you are wondering how to deposit gold in bank lockers, you should follow these steps:

• Fill Out the Application

  If you want a safe locker in your bank, you must fill out an application form. You can take up a locker in any bank you want. But having an account in the bank where you are getting a locker is recommended. Moreover, you should find a locker in the bank branch closest to you.

  You must enter minimal details in the application and submit it to the bank. You will benefit from adding a joint holder to the application so they can access the locker in your absence. Without a joint holder or a nominee, the bank can refuse to release the assets to anyone else in your absence.

• Choosing the Locker Tenure

  You will have to specify how long you want to keep the locker. No matter how long you keep the locker, access it at least once a year. The bank might seal it if you don’t access your locker occasionally.

  But remember that you will have only twelve free visits to the locker in a year. You must bear an additional charge if you need to access it more than that.

• Allocation of the Locker

  You must wait until the bank allocates a safe deposit box to you. You must sign an agreement accepting all the terms and conditions. You and other joint members will be required to submit certain documents and pay the rent of the locker before starting to use it.

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Wrapping up

If you are contemplating whether it is safe to deposit gold in bank lockers, the answer is yes. With a transparent fee structure, keeping your gold in the bank is not expensive. So, find a gold locker in your nearest bank today!

Frequently Asked Questions

How much gold can I keep in the bank locker?

The amount of gold one can keep in a bank locker is not regulated by the Reserve Bank of India (RBI) or any specific central authority. It depends on the policies and terms of the particular bank where the locker is rented. Banks typically have varying sizes of lockers to accommodate different storage needs. Customers can choose a locker size and rent it from the bank based on their requirements. It’s essential to check with the specific bank for their locker sizes, availability, and any regulations or restrictions they might have regarding storing gold or other valuables in the locker.

Is jewelry in the bank locker insured?

The bank itself does not insure the contents of a bank locker, including jewelry. Banks usually provide locker services to safeguard valuables from theft or damage but do not take responsibility for the contents. Individuals can opt for a separate jewelry insurance policy to insure jewelry in a bank locker. Many insurance companies offer specific policies that cover jewelry against theft, fire, and other risks. Individuals should assess the value of their jewelry, opt for a suitable insurance policy, and keep a detailed inventory of items stored in the locker for insurance purposes.

What are the new rules for bank lockers in 2023?

In January 2023, The RBI ordered all the banks to inform their esteemed clients about the revision in locker agreements in a phased manner. That is 50% by the end of June 30, 75% by September 30, and 100% by December 31, 2023. Moreover, reports regarding this must be updated on its DAKSH portal every month.