Banks are always regarded as the safest place for financial transactions – be it fixed deposits, financial transactions or bank lockers. The bank provides a locker agreement, usually refundable, that both parties must sign. The cost of renting a locker depends on the size and location of the branch. There may be additional service fees in a few of the banks if you visit the locker more frequently than allowed.
However, there are a few rules of what can be kept and what not in the locker
What can be stored in bank lockers?
- For protection, jewellery made of gold, silver, diamonds, and other precious metals, coins, and bullion (gold and silver bars) are frequently kept in lockers.
- Legal documents include adoption paperwork, power of attorney documents, wills, and property deeds.
- Documents about mutual funds, bonds, share certificates, taxes, and insurance policies are examples of financial records.
What can’t be stored in bank lockers?
- Possessing weapons, explosives, drugs, or any other type of contraband is strictly forbidden.
- Food and other items that may deteriorate or spoil over time are prohibited.
- It is forbidden to bring anything corrosive, radioactive, or otherwise harmful.
- Since cash is not considered a secure or insurable object, most banks do not permit storage.
