Safes at home have been the storehouse for valuables since long before the banking system was established. Banks took the concept of home safes and introduced the system of bank lockers for the safekeeping of valuable goods in a physical location in return for a nominal annual payment. However, a few recent incidents including a fire at a nationalized bank have raised the question of whether a bank locker is indeed more secure than a home safe. In response to a recent RTI, the Reserve Bank of India has stated that the responsibility for valuables stored in a bank locker lies with the customer, and the bank will not be liable to pay any compensation in case of an untoward incident, which would be dealt with according to law. Although this might make it appear that home safes are the better alternative compared to bank lockers, many experts still put greater faith in bank lockers. Here are some of the advantages of each of these two options:
• Bank Lockers:
The greatest advantage of a bank locker is that it provides multiple layers of security at a nominal rate, replication of which at home would cost far greater. The locker itself needs to be opened by two keys simultaneously, one of which lies with the customer and the other with the bank. Other than this, banks have other levels of security, including security personnel, monitoring of entry and exits, CCTV surveillance, etc. Banks also provide details about their security arrangements if you ask for them. So if you have a large amount of valuables, the bank locker is a far safer option.
• Home Safes:
Home safes have a slight advantage over bank lockers in terms of convenience. They are easily accessible always, while bank lockers are inaccessible on holidays. Home safes today come with far greater security features than a simple lock and key safe box. They may be digitally protected with passwords or pin codes, and may even have a fingerprint scanning system or retinal scanning system for biometric security. They may also incorporate an SMS alert system to notify you of any changes in the lockbox status. However, these features are far costlier than bank lockers, and cost more for safes with larger storage.
• Others:
Some private institutions offer locker storage space for rental. The rent amount may vary and is usually greater than that in banks, but they are more accessible as they usually remain open even on holidays.
Bank lockers and home safes both have their own set of advantages in terms of security, reliability and cost effectiveness. In general, it is always a good idea to keep as little valuables at home as possible, and to insure all valuables like jewelry against any chances of damage.
• Bank Lockers:
The greatest advantage of a bank locker is that it provides multiple layers of security at a nominal rate, replication of which at home would cost far greater. The locker itself needs to be opened by two keys simultaneously, one of which lies with the customer and the other with the bank. Other than this, banks have other levels of security, including security personnel, monitoring of entry and exits, CCTV surveillance, etc. Banks also provide details about their security arrangements if you ask for them. So if you have a large amount of valuables, the bank locker is a far safer option.
• Home Safes:
Home safes have a slight advantage over bank lockers in terms of convenience. They are easily accessible always, while bank lockers are inaccessible on holidays. Home safes today come with far greater security features than a simple lock and key safe box. They may be digitally protected with passwords or pin codes, and may even have a fingerprint scanning system or retinal scanning system for biometric security. They may also incorporate an SMS alert system to notify you of any changes in the lockbox status. However, these features are far costlier than bank lockers, and cost more for safes with larger storage.
• Others:
Some private institutions offer locker storage space for rental. The rent amount may vary and is usually greater than that in banks, but they are more accessible as they usually remain open even on holidays.
Bank lockers and home safes both have their own set of advantages in terms of security, reliability and cost effectiveness. In general, it is always a good idea to keep as little valuables at home as possible, and to insure all valuables like jewelry against any chances of damage.
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