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Why Bank Lockers Are Better than Home Safes

People saving their valuables in bank lockers have been steadily increasing over the past century. During ancient and medieval times, people used to adopt extreme measures like hiding their valuables in obscure places, to prevent them from being stolen. However, with the advent of bank lockers, it has become convenient to store your precious items safely.

 

However, it is important to note that banks are not responsible if your valuables are stolen from your locker. The same applies in the case of natural calamities. One might then ask, why should I store my valuables in a bank locker? The service is not free and could cost you at least Rs. 1,000 per year. Despite this, people still prefer using a bank’s locker facility over a home safe. Here’s why:

 

Banks Are Safer

Despite the fact that banks don’t provide complete security assurances, their lockers are safer than home safes. This is because they have better security infrastructure like CCTV cameras and a presence of security guards. All banks maintain a strong-room, whose entry and exit points are closely guarded.

 

Your Bank’s Safety

You have the right to research whether the bank you choose has the necessary security infrastructure and measures in place, before you decide on storing your valuables. If you are not satisfied with a particular bank’s services, you can choose to change your provider.

 

Safety at Home

There are many safes available ranging from sturdy mechanical designs to high-tech gadgets that will instantly send you an SMS if there is any security breach at home. However, for these safes to provide the necessary protection, it’s also important to invest in a good quality cabinet. Of course, depending on the size and location of your safe, it may be possible for thieves to run away with your entire locker.

 

The Importance of Insurance

It is advisable to insure your valuables against theft and damage. General insurance companies that provide comprehensive home insurance coverage insure jewellery as part of their services. You will be required to declare all your jewellery/valuables and their corresponding worth. If the value of the jewellery is more than Rs. 10 lakhs, then a government-certified agent will determine the total valuation.

 

Other Options

If you are apprehensive about storing your precious items in a bank, you can opt for private locker services for your valuables just like savings account for your money. Their rates are more expensive than bank locker charges and may vary between Rs. 4,500-30,000. However, they are easy to access as they are open seven days a week.

 

Banks provide an economically viable option as compared to home safes. A home locker with a swipe card option is safe, but will cost you around Rs. 15,000. You can avail the services of a bank at a much cheaper rate. You also have the convenience of choosing your locker size, and will be charged accordingly. It is worth considering that banks are equipped with high security features, which would be absent at your residence. Therefore, storing your valuables in a bank locker is the best possible option for you.

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