Gold Locker Conditions: Many people keep their gold and other valuable jewelery in bank lockers for safe keeping. Keeping jewelery in lockers is a good decision. Due to this there is no fear of theft at home. We can take them whenever we want. The bank charges some fee for this. Ensures the safety of your jewellery. There are certain rules for keeping jewelery in bank lockers. It will be beneficial if you know them.
How much gold can be kept at home?
According to the Income Tax Act, a married woman can keep up to 500 grams of gold. For unmarried women the limit is 250 grams. Apart from this, men can keep up to 100 grams of gold in their name at home. The limit for keeping gold at home is different for everyone. For example, if a married man and woman live in the same house, they may have a total of 100 grams + 500 grams = 600 grams of gold. If an unmarried man is at home, he can have a total of 350 grams of gold as per the rules.
Restriction to keep gold in lockers
As per RBI there is no maximum limit for keeping gold in bank lockers. But how much gold they keep in their lockers depends on the bank’s policies. Also you should have proofs that you have purchased gold legally. Moreover, RBI has not put any rules and conditions on how much gold can be kept in bank lockers. How much gold a customer wants to keep in his bank lockers is up to him. The bank will not question you about what you kept in your lockers and why, unless you kept anything illegal in it.
Priority list for locker
As per the changes in banking norms after Diwali, the locker opener now has to submit a priority list. That is, while opening the locker, the bank has to be given a written notice by the beneficiary who will open the locker after his death.
The aim is to further strengthen the security of the banker’s locker and avoid any future legal disputes. Earlier after the death of the locker holder there used to be quarrels between the family members about the locker. But now that there is a priority list, there is no possibility of clashes. According to that list the first person will be entitled to open the locker. If that person is not available, the second person .. likewise the second person is the third person .. If the third person is not available then the fourth person has the right to open the locker.
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