Say, you are newly married, with lots of jewellery, and to top it, you are from a nuclear family and are working. The jewellery is safe in your Godrej vault, but still it lingers in your mind, as to how safe are they?Why worry, when solution is there.
Whether you stay in a joint or nuclear family or working, jewellery and other valuables must be secured and preserved for generations to comer. Though home is the best place as many of us get them insurance covered but will the insurance bring us back the lost valuables. So best would be playing a safe game and so bank safe vault or popularly known as lockers is the best idea. Though not completely reliable, as once the valuables are lost, the bank does not take responsibility of it, but still banks being vandalised is a rare occasion. Still being a new player, it is important to keep a few points in mind before opting for a locker.
1. Bank Selection: Many would advise to opt for a nationalised bank and few suggest private banks. In my personal opinion both are a good option. Check out for the rules and regulations they adhere to and select the one that matches your requirements and most importantly fits in with your budget. Few banks charge a heavy rental t issue a locker, whereas there is no difference in the security provided.
2. Rules and Regulations: Mostly all banks provide a locker to their existing customer, as a value added service. So as such one needs to open a Savings Accounts, so that the bank has a readymade KYC done. For someone who is new into the locker purpose, please note banks need to have their security deposit in place t recover the rental of the locker. Hence they insist on savings accounts and Fixed deposits too. Here is a word of caution, few banks ask you to invest huge amounts in fixed deposits, but you need to invests in fixed, the amount, they would need to recover the 3 years rental deposit for the locker, incase you do not pay the rentals.So read each and every document and discuss before you sign any agreements.
3. Keep a check: You have opened a locker, kept the valuables and work ends there. NO. Visiting the locker on regular basis is the necessity. Few banks insists visiting the locker once in 6 months or a minimum of 15 times in a year.
4. Account type: For a better and smooth functioning, though banks may not insist but preferably the locker must be opened as a joint account holder and a nominee must be nominated, so that in case of any mishap, the locker can be operated without facing any hassles.
5. Valuables kept: As said earlier, a regular visit to the locker is a must. Not only to keep a check on the valuables, but also to keep on replacing, adding or removing the jewellery, so that there is a regular check on the jewellery and other valuables and ensuring safety.
Apart from these general rules, make sure the bank has all necessary security measures like the alarm system, iron gated rooms, electronic surveillance via CCTV. Always open the locker, only after the bank employee who accompanies you to the vault has left and before you leave ensure the vault is locked properly. Do a double check.
Make a list of the valuables kept in the locker. Jewellery must be kept with their certificates, so that, you know the value of the assets, in case of loss. Another caution here is that, every document kept in the locker, must be laminated and a xerox copy of the same must be at your disposal. Also please do not keep important and most needed documents in the locker, eg Will. Security with smartness is the need of the hour.