How safe are the lockers/ Personal safe (Godrej) vs Bank lockers

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Vasishta.Sushant

Vasishta.Sushant

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Recently my native place went through a burglary attempt and it looks like I need to move valuables to a safe place - either bank locker or a personal safe.

However, I am unsure about which one to go for. I don't completely rely on the bank lockers but it is convenient. Also the home safe options look good but then I am not sure about the installation part. What if the burglars just run away with the safe box itself :P

Anyone using any of the options? Care to share opinions?
 
Go for bank lockers, safer and even cheaper. Homes get robbed daily , even if robbers cant break safe they make just break the wall and take it away. bank robberies are very very rare.
 
Bank lockers get opened to my surprise on a regular basis maybe once a year. Security reasons.

Have heard reports of gold going missing pinched by bank employees.

Your recourse in such an instance ? nothing. As you can't even prove it was in there in the first place.

This means insurance on top. check that out, how much will it cost assuming you can even get it.

What gets left in bank lockers are important documents that have no value if stolen. But can cause you a lot of inconvenience if lost.
 
If the bank is declared bank corrupt or files for such, what happens to the content of the bank lockers..?
 
Bank is liable to return the contents in case of fire, loss, theft or shutting down.

Its important to open the locker and clean it yourself once a year atleast. I have heard from my friends of ants, termites chewing up docs and money. So keep them in a metal box inside the locker
 
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Do both. Get the safe installed properly with masons etc. so that it cannot be even removed from the wall and stolen. Stuff which is valuable but not required or rarely required, bank.
 
puns said:
Bank is liable to return the contents in case of fire, loss, theft or shutting down.

Its important to open the locker and clean it yourself once a year atleast. I have heard from my friends of ants, termites chewing up docs and money. So keep them in a metal box inside the locker
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I do not think bank is liable for anything in case of fire, loss or theft (basically anything that is not under their control). They just provide a safe refuge for the stuff at a price. Very much the same as the landlord - tenant relationship. If the tenant loses something, the landlord is not liable to pay anything.

Also you never disclose to the bank what all you are going to put in the safe, unless you wan't to opt for additional liability cover.

I am somewhat leaning towards the personal safe at home and get it installed in a rather obscure location (may be in a cupboard or something). Only thing is who will install it. Don't want the local guys to know about it and also don't want some incompetent people to do that installation.
 
blr_p said:
Bank lockers get opened to my surprise on a regular basis maybe once a year. Security reasons.
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I seriously doubt that, Lockers can be open only with the combination of 2 keys (1 with bank and another with the tenant). So even if bank needs to open a locker they need to contact the Customer/Tenant.
 
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Roxtin said:
I seriously doubt that, Lockers can be open only with the combination of 2 keys (1 with bank and another with the tenant). So even if bank needs to open a locker they need to contact the Customer/Tenant.
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Not really. The bank has a master key of sorts, AFAIK. They can open any locker on the basis of some predetermined circumstances, such as locker rent not paid and tenant not contactable, police warrant. I would need to ask for more details. Oh and the master key is only with the branch manager.


EDIT : Just checked, and the bank lockers can be opened only with the combination of both keys. There is no master key. The people who informed me are family friends, working in different banks as branch manager and equivalent level.
 
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Yeah, there is no master key. We just took a locker from SBI and they took a FD for 10k. On enquiring, they told us that this money is taken as security to be used in case the locker has to be opened by the bank. The money is charged by the company which forcibly opens these lockers as it can't be opened by the bank alone.
 
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^IIRC if a FD is made there is a provision of locker rent to be deducted from the interest of the FD. Still I doubt if Bank can forcibly open lockers without getting consent/informing the Customer/Tenant.
 
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