Can you keep cash in a bank locker?

You cannot keep cash in a bank locker as the Reserve Bank of India prohibits storing cash in bank lockers. How much gold can be kept in a bank locker? The Reserve Bank of India does not regulate the amount of gold in a bank locker.

What can you store in a bank locker?

According to the revised bank locker agreement, you can store valuable items like jewellery and documents. The bank lockers are suitable for safeguarding jewellery, loan documents, property documents, birth or marriage certificates, insurance policies, saving bonds and other confidential items.

Are bank lockers safe?

The banks offer enhanced security measures, like 24x7 surveillance cameras, restricted areas, alarms and more to reduce the risk of damage and theft. Nevertheless, you can use bank lockers for legitimate purposes only. You must follow certain rules set by the Reserve Bank of India (RBI) about bank lockers.

How much does a Bank pay for a locker?

In such scenarios, the bank is liable to pay an amount equivalent to one hundred times the existing locker’s annual rent. For instance, if the annual bank locker charges are Rs. 4,000, the bank is liable to compensate the customer up to Rs. 4,00,000.

Can you store illegal items in a bank locker?

As per thenewRBI bank locker operation rules, customers arenot allowed touse the locker for unlawful purposes orstore any illicit goods, like dangerous materials or illegal items. Here is the list of items allowed and not allowed in bank lockers:

What are the new bank locker rules?

TheRBI bank locker rules have introduced therenewal process of bank locker agreements. In this phase, the account holders who have submitted their agreements on or before 31st December 2023 must sign a revised agreement and submit it to their respective bank before 31st December 2023.