*Interesting….*
All about Bank Safe Deposit Boxes
Most of the Banks offer their customers a "Safe Deposit Boxes" service at
designated branches for a quarterly, half yearly or annual rental. The
rentals charged will be vary from Rs 500-20,000 depending on the size of
the safe deposit box and the city. Customers can arrange to store a box
containing their valuables and important papers (such as jewelry, house
deeds, investment certificates and other valuable documents) in the bank’s
"strong room" or other secure area. Customers do not have to declare what
items they have stored. They can get access to their valuables, during
banking hours and they can remove or replace items as they wish.
Most of the time the service operates without difficulty. But disputes
sometimes arise – generally about whether some of the contents of a box
have gone missing while in the bank’s custody. . This is because the
customer is often unable to provide any firm evidence of what was in their
safe deposit box. Customers do not always appreciate that the valuables
they keep in safe custody should be properly insured for their full value.
Keeping valuables in safe custody should not be seen as an alternative to
insuring them, but rather as a way of keeping insurance premiums as low as
possible. Where relevant, from time-to-time customers should arrange
professional valuations of any jewellery and other valuable objects kept in
safe custody.
*The contents of a safe deposit box are not deposits in the bank and are
not insured by the DICGC (Deposit Insurance and Credit Guarantee
Corporation). The bank also normally does not insure your contents, because
the bank doesn't know what is there to insure, and generally doesn't want
to know. They are concerned only if the contents may be hazardous or
otherwise prohibited. This should be defined in your rental agreement with
the bank. What you may do is contact your insurance agent who also covers
your house insurance to find out any insurance policy is available for
insuring the valuables you deposited in bank safe deposit box. You can tell
them what you keep in the box, values and request a rider on your existing
policy to cover this, if available. For more details, contact your
insurance company or insurance agent. While safe deposit boxes are very
good at protecting your valuables from theft, this doesn't mean they are
completely protected and safe deposit boxes still pose risks like a bank
could suffer a broken water line (flood) and rising water can damage the
contents of your box (although manufacturers build vaults to resist water
for a certain period, accompanying lighting, security and telephone
conduits are channels for the water to seep inside and fill your box like a
bathtub. What you need to do is put the contents of your box in sealed
plastic bags. This will protect them from water damage Second threat is
fire, heat is the true culprit that turns papers to ash and liquefy metals
inside that steel oven. And a bomb in any safe-deposit box at the branch
would obliterate everything in that area. (I don’t think all safe
deposit lockers are fire proof). The third major threat is theft. Please
make sure to keep an inventory of your box at home, so you know exactly
what is there.*
*Be cautious, on what to store in a safe deposit box and what to put
elsewhere. Here are some guideline *
- *Don’t Store the cash in safe deposit box - Cash in a safe deposit box
is not insured by the DICGC. If the money disappears, it's just gone
forever.*
- *Insure jewelry, coins and other valuables through a private insurer.
The DICGC doesn't cover anything in a safety deposit box. Better to find
an insurance company to cover the valuables in the safe deposit box*
- *Wrap it in plastic. Many banks put their safe-deposit boxes in the
basement where they are very vulnerable to floods, water shedding etc. So
its recommended to putting anything vulnerable to dampness in a tightly
sealed plastic container/cover.*
- *Don't trust bank employees. ''Don't allow a bank employee to keep
your key and handle transactions for you if you're not.*
- *Hide the evidence. ''Before leaving the privacy booth, make sure all
valuables are safely back inside the box and make sure there's nothing left
behind that may indicate the contents of your box, such as a currency
strap, a specially-marked envelope or an empty jewelry box."*
- *Ensure to lock your safe deposit box before leaving the room*
- *Keep Photocopies of all documents which you deposited in the safe
deposit box*
- *Keep an inventory or the items deposited*
- *Keep the box key in a safer place*
- *Don’t allow third parties ( even POA holder ) to access your safe
deposit box*
- *Before you go for a safe deposit box, satisfy yourself that the safe
deposit/strong room in the bank is well protected, the safe deposit boxes
are fire proof/unbreakable and strong enough to protect them from
fire/theft/flood etc and CCTV camera is installed in the bank and strong
room to monitor the activities happening inside the bank and strong room. *
- *Don’t forget to sign the logbook maintained by the bank each time
when you access your safe deposit long*
- * Don't put the only copy of valuable paperwork in a bank box. A bomb
in a safe-deposit box would totally wipe out everything.*
- *If you have more valuable items to be stored, open multiple safe
deposit boxes in different banks in different places*
- *Don’t forget to add a second holder or nominee for your safe deposit
box*
- *Ensure to operate your safe deposit box at least once in a year*
- *Ensure to pay the safe deposit box rentals regularly without default *
*Best Regards*
*Prakash Nair*
*Certified Personal Financial Advisor (CPFA)*
<http://groups.yahoo.com/subscribe/worldmalayaliclub/>
[image: Photo: The great beauty of my life is watching you turn your fear
into faith and your dreams into results.]
*வாழிய செந்தமிழ்! வாழ்க நற்றமிழர்!*
*வாழிய பாரதமணித் திருநாடு!*
[image: gautam's Avatar] * Vanakkam Subbu* [image: gautam's Avatar]
--
You received this message because you are subscribed to the Google Groups
"Thatha_Patty" group.
To unsubscribe from this group and stop receiving emails from it, send an email
to [email protected].
For more options, visit https://groups.google.com/d/optout.
