How Safe Is Your Physical Gold In A Bank Locker?

Physical gold is one of the most prized possessions for households. Bank locker facilities are an ideal feature offered by banks to ensure the gold owners have a safe place to keep their physical gold. However, there is hesitation among gold owners who question the safety of these bank lockers. This blog will help you clarify how safe your physical gold is in a bank locker.

What Are Bank Lockers?

Every household with physical gold avoids keeping it at home, as the chances of theft are high. As there are no extensive safety measures at home to safe keep the physical gold, it is always wise to store it in bank lockers.

A bank locker is a facility for individuals who want to safely store their valuables at a nominal cost. Gold owners prefer bank lockers as their physical gold is kept in high-safety vaults and protected with a hardened steel door. Every customer possesses a single key, and only they can access their lockers whenever they want.

How Safe Is Your Physical Gold In A Bank Locker?

Keeping physical gold in bank lockers is the safest means of storing gold as banks prioritize protecting the stored valuables. Here are some pointers to help you understand the safety aspects of the bank lockers:

1. Infrastructure

Banks adopt innovative infrastructure to create such vaults deep inside the building to secure bank lockers. If anyone wants to access the bank lockers, the only way is to be accompanied by a staff member through the present desks of the bank employees

2. Access

Every customer has a key that provides access to the bank locker. However, for additional protection, the bank lockers are kept behind a hardened steel door. Only a bank staff member can provide access to the bank locker. Without the key for the steel door, you cannot access the bank locker

3. Security

The bank locker area is highly secure, and no individual, staff member or customer, is permitted to enter without prior application. Furthermore, the bank locker area is under video surveillance 24/7 to ensure there is no unwarranted activity around the bank locker area

4. Insurance Policy

One of the best features of storing physical gold in bank lockers is backing through an insurance policy. When you reserve your physical gold in a bank locker, the bank protects the rare occasion of potential theft through an insurance policy. In case your valuables are stolen, you will be reimbursed by an amount equalling the total value of your physical gold by the bank

Making The Most Of Stored Physical Gold

Like banks, the lender also keeps the physical gold you pledge as collateral safe in a highly secure locker and follows all the security measures used by banks. However, with a gold loan, you get the added benefit of availing a loan amount along with keeping the gold safe in lockers.

Hence, a loan on gold can provide you with the option to make the most of your stored physical gold by keeping it safe and still fulfilling your capital requirements. A loan on gold ensures that you can fulfil your capital requirement needs by utilizing your physical gold.

Ideal Gold Loan With IIFL Finance

With IIFL Gold loan scheme, you get industry-best benefits through our process designed to offer instant funds based on the value of your gold within 30 minutes of application. IIFL Finance loan on gold comes with the lowest fee and charges, making it the most affordable loan scheme available. With a transparent fee structure, there are no hidden costs you have to incur after applying for the loan with IIFL Finance.

FAQs

Q.1: How much do banks charge for a bank locker facility?
Ans: Bank locker charges are nominal and can range between Rs 500 - 3,000 per annum based on the locker size and the branch's location.

Q.2: Do banks pay interest on the physical gold stored in the bank lockers?
Ans: No, banks do not pay interest on the stored physical gold but charge a fee for availing of the facility.

Q.3: What documents are required for IIFL Finance Gold Loan?
Ans: Documents required are Aadhar Card, PAN Card, Driving License, Passport, Ration Card, Electricity Bill, etc. Visit the IIFL Finance gold loan page to get the complete list of documents to submit.