Your home is the best safety locker, here's why

Now, as the banks have washed their hands from taking responsibility of your valuables kept in lockers, should you still go for it?

Reserve Bank of India and 19 public sector banks have collectively in an RTI response has said that in case of theft of your valuables kept in safe deposit lockers of public sector banks, no compensation will be given "as the locker hiring agreement absolves them of all liability".

If you have read the terms and conditions of getting a bank locker, this is what it reads, "The relationship between the Bank and the lessee shall be that of a 'landlord' and 'tenant' and not that of a 'bailer' and 'bailee'. The Bank has no responsibility of any kind, whatsoever, in respect of the contents or damage to the same, arising from any cause whatsoever, Hirers are advised in their own interest to insure any items of value deposited in the safe deposit locker with the Bank."

ALSO READ: Theft of valuables kept in your lockers are not bank's responsibility

The banks clearly says that "Hirers should insure items deposited in the safe". Which means that there is no use of keeping your valuables in banks, instead keep at homes.

Charges

Opening a bank locker comes with a price. The rates of leasing a locker charged by the banks ranges between Rs 700 to Rs 40,000 depending on the size of the locker. Bigger the size of locker, higher the rates. 

Reportedly, the banks can also ask you to invest in fixed deposit (FD) if you want a locker. Moreover, the RBI norms say that a bank can insist you to have FDs equivalent to three years of locker fee. 

As bank lockers are very dear to Indians and they consider it as the safest option, these amount is very much acceptable to them. 

But, with banks walking away from the safety responsibility and bank lockers rate are so high, isn't buying a locker or home safes at home a better option? 

There are so many companies that sell home safes depending on the size and level of security (electric password, digital home safes, fire resistant safe). The cost of good home safes ranges from Rs 4,000 to Rs 35,000, which is affordable and you have to pay only once unlike bank lockers where you have to pay annual rent. 

Gold insurance

Generally, gold is the most valuable item that people are afraiod of keeping at homes. 

And now the banks are already saying to get your valuables insured before keeping it in the lockers, then why not gold insurance. 

Instead of keep in bank lockers, it is better to get jewellery insurance and keep it at home safes. 

Jewellery insurance is another way to protect your jewellery. Although you can avail this type of insurance along with a home insurance policy, there are some standalone jewellery insurance products in the market as well. If taking a home insurance policy, you can choose to go for a contents cover that includes valuables and jewellery protection, BankBazaar said.

What does it covers? According to BankBazaar.com, Jeweller Insurance covers theft of jewellery, accidental loss, burglary or damage to jewellery kept in some fixed bank lockers. Some insurance policies offer protection to jewellery worn in person as well. Typically, there is a sub-limit on the jewellery to be insured. However, some policies provide a separate all-risk cover for valuables and jewellery where you can choose a suitable sum assured.

Home insurance

Now, when you are keeping all your valuables at home, it is important to get a home insurance. 

Aside from the structure itself, a good home insurance policy provides protection to the items/ implements/ appliances and prized possessions included in the home.

The best part about home insurance, apart from the infrastructure, you can insure your valuable items kept in the house, like appliances, furniture or jewellery. With this you are insuring and keeping everything safe without depending on bank lockers.