Despite a sustained rise in the price of gold, its demand among the Indian populace has remained unabated. As per a report published in Reuters, India’s gold consumption in 2020 is slated to be around 700-800 tonnes, with consumer confidence further bolstered by transparency measures undertaken by the government.
Now, keeping up with the increasing demand for gold, bank lockers in India have also been consistently exigent among Indians. Especially with theft, burglaries and other such crimes on the rise, most individuals prefer to store their gold in these safe deposit lockers, as opposed to keeping them at home.
But how safe are these lockers?
And, how can you benefit from keeping your gold stored in them?
Following is an elaboration on the answers to these questions, alongside a few tips on how you can maximise your benefits from your gold, instead of keeping them locked in a safe deposit vault.
Bank Lockers – Are they Safe?
Bank safe deposit lockers are certainly safer as compared to keeping the gold in your house. Banks have a much more secured infrastructure with their vaults, high-level electronic surveillance, entry and exit monitoring and security guard postings, which makes them the most preferred option for storing valuables.
However, as per RBI directives, banks are not liable to compensate for your gold, and other valuables should the contents of the bank locker be stolen or damaged in any way.
Following are a few key points that you must remember pertaining to availing a bank locker to store your gold –
- These safe deposit lockers are offered on a first come-first serve basis. The demand for these lockers is significantly higher than what banks can provide.
- To avail the locker service with a bank, you will first have to open a safe deposit account with it and draw an agreement.
- You will also have to pay an annual fee for the locker, which will vary as per its size and the location of the bank, whose services you avail.
These are a few conditions that you must remember before opting to store your gold in a safety locker box.
Now, there are other options that you can consider to ascertain the safety of your gold. One of the most advantageous among them being depositing your gold in lockers provided by Rupeek Fintech Pvt. Ltd.
Rupeek Gold Lockers – What are the Benefits You can Avail From it?
Rupeek is a digital lending platform which offers loans against gold by following an extremely streamlined, entirely online process. It has also introduced the gold locker product in the market wherein you can deposit your gold jewellery safely, as well as, borrow loans against them.
Few of the features of these gold lockers include –
- No annual locker charges
These lockers can be availed without the annual charges that have to be paid for a gold locker in bank. This allows you to save on extra expenses that you would have to bear to ascertain the safety of your gold.
- Avail credit line against the gold stored
By storing your gold in this NBFC’s locker, you can even avail a line of credit against it, by virtue of its feature known as Rupeek Quick.
What is Rupeek Quick?
It is an overdraft facility that is backed by the gold you deposit in the company’s safety deposit lockers. It allows you to withdraw funds against your gold, as and when you require them. Furthermore, with this facility, you need to pay interest solely against the funds that you withdraw, as opposed to paying an interest against the entire loan value sanctioned against the deposited gold.
This is an excellent way through which you can avail financing and reduce your repayment burden on the amount availed.
- 24x7 availability of credits
You can avail these credits 24X7 against your gold stored, irrespective of whether it is a Sunday or any other bank holidays. This boosts the accessibility of these credits and allows you to avail them on an emergency basis.
The NBFC has partnered with several leading banks of India, like ICICI, Karur Vysya Bank, etc. to bring you these facilities. You can, thus, avail bank-grade security for your gold, while enjoying the above-mentioned additional benefits.
Gold Loans – Maximise the Utility of Your Assets
While depositing your gold in a bank locker can ensure its safety, it hardly allows any scope to make your asset work for your benefit.
Instead, you can choose to avail a loan against your gold and meet your financial requirements effectively.
In this regard, a gold loan from Rupeek is the most comprehensive financial solution that can proffer you the following benefits –
- The highest Loan to Value
Loan to Value or LTV denotes the advance that you can avail against the total value of your gold. With this company, you can avail the highest LTV against your gold, helping you to gather the maximum loan amount against your pledged asset.
- Doorstep loan facility within 30 minutes
With this facility, you can avail the loan against your gold without leaving your house. You simply need to make an application through the company’s app, website or by placing a call. Next, a loan manager will be appointed to visit your house to complete formalities like KYC registration, gold valuation, etc. If everything is in order, your loan will be approved and disbursed in under 30 minutes’ time.
- Easy repayment facility
With this loan, you will not have to pay EMIs. Instead, you will only need to pay the monthly interest amount against your loan, while the rest has to be repaid at the end of the loan tenure through bullet payment. Furthermore, you can avail the benefits of a flexible repayment tenure ranging between 3 months and 6 months, and extendable by another 6 months.
- Security of the gold pledged
As mentioned before, the gold collected as collateral is stored in the nearest partner bank’s account, until the time you can re-possess it. Furthermore, the gold remains insured in due course, without you having to incur any separate cost for it.
Thus, by availing this loan, you can utilise your asset for your benefit, without eroding its equity. Nonetheless, if you do not need a big-ticket loan, you can avail a credit line against your jewellery by storing then in Rupeek’s safe deposit vault.