A personal vault is offered to bank customers to keep their valuables and belongings safe. Usually, the bank rents these vaults yearly.
Safe deposit box custodians depend on building security & high-quality vaults. Bank vaults have video cameras & alarms, safeguarding items from water and fire damage.
Bank Locker: Importance
Advantages
Easily accessible.Ensures safety and security.No maintenance is needed.Peace of Mind.
Disadvantages
Banks can open your locker without your permission.The bank is NOT liable for the loss of valuables in your locker.You can claim for a loss in extreme eventuality but not 100% compensation.
If the loss is due to any of the shortcomings from the bank side, then you can claim the complete loss.
What if the Loss is Dueto the Bank’s Fault?
Points to Consider
Always open your locker alone in the vault.
Make frequent visits to your locker.
Ensure the locker is properly locked before you leave.
Have a co-owner for the safe deposit locker to enable access in case of mishaps. Nominate heirs or trusted individuals for added security.
How to Gain Maximum Benefits
Should you Opt for a Safe Deposit Locker?
If you have important assets, documents, and antiques you want to protect from various threats, you can opt for a safe deposit locker.