After RBI's stand that banks shall no more be held responsible if customer's encounter any loss of valuables maintained with them in their lockers. Likewise, the responsibility in terms of monetary compensation is also ruled out saying that the relationship between banks and customers maintaining bank locker with them is of a lessor (tenant) and lessee (landlord). And in such a relationship lessor is accountable for keeping his possessions safe in the locker maintained and owned by the bank.
The locker agreement of some of the banks clearly states that item maintained in the locker is at the customer's own risk and they may insure the valuables for their own good.
So, individuals should certainly look out for other better and safe alternatives:
1. Home Safes: Banks are maintaining safe vaults which are manufactured by companies also providing safe vaults for homes. So, instead of paying banks a huge sum on an annual basis ranging over Rs. 1000 to Rs. 10,000 depending on the size and the city, you can make a one-time investment in these lockers which can well suit your need.
2. Jewellery Insurance: Now, some of the jewelers are also providing a cover against jewellery that pays in case of any loss due to theft or otherwise.
3. Home Insurance: Home insurance is yet another way to safeguard your gold holdings if you disclose your possession in respect to them at the time of buying home insurance. Protection is provided against any loss or damage due to fire, accident, theft etc. Generally such home insurance covers also covering jewellery come with sub-limits say if you take a total cover of Rs. 5,00,000 then at maximum your jewellery upto 25% of this value can be insured under the policy.
4. New Investments in Gold can be made in electronic form: Whatever gold you possess , you surely need to secure it but for new investments you can surely take the digital route to do away with the hassle of safe-keeping.