For people who want to safeguard priceless goods, bank lockers are a popular option for securely keeping valuables. Nonetheless, banks have rules on what may and cannot be stored in their lockers.
To ensure that they only pay for the space they need, major lenders such as State Bank of India (SBI), Bank of Baroda (BoB), HDFC Bank, ICICI Bank, and Canara Bank, among others, provide a range of locker sizes to meet the demands of their clients.
Items Allowed in Bank Lockers
Usually, important valuables are kept in bank lockers, such as:
- Jewellery made of precious metals, such as gold, silver, and diamonds
- Bars of gold and silver, as well as various types of bullion
- Legal documents include power of attorney, adoption paperwork, wills, and property deeds.
- Records about bonds, shares, mutual funds, taxes, and insurance
Items Prohibited from Bank Lockers
Although lockers offer a safe way to keep items, there are stringent guidelines on what may and cannot be kept within. Typical limitations seen in the majority of banks include:
- No explosives, guns, or other illegal items
- It is forbidden to use anything that is deemed unlawful under Indian law.
- Food and other items that might decay or expire over time are considered perishable.
- Any material that is radioactive, corrosive, or poisonous is considered a corrosive or hazardous material.
Specific Bank Locker Agreements
Regarding what may and cannot be kept in lockers, each bank has its regulations. The main policies of the big banks are broken down as follows:
SBI Locker Agreement
Lockers are used for legal reasons, such as keeping papers and jewellery, but not money. Weapons, explosives, narcotics, and any other illicit substance are prohibited. Additionally prohibited are radioactive, perishable, and hazardous goods.
HDFC Bank Locker Agreement
Like SBI, HDFC Bank permits the storage of valuables such as papers and jewellery, but not cash. It is forbidden to bring weapons, explosives, narcotics, or other perishable or dangerous goods. Anything that can cause annoyance or danger to the bank or other customers cannot be stored by customers.
Customers should be informed of these limitations to prevent any storage problems, even if bank vaults offer great safety for valuables. For particular locker agreements and standards, always check with your bank.
