How much gold you can keep in a bank locker? Know the RBI rules
RBI Rules: Most people in India possess gold in some form or another. Some own gold jewelry, while others possess gold in other physical forms. Physical gold is a good investment option, but the biggest concern when purchasing it is its safety and the risk of theft.
Also Read: RBI major step for India's financial self-reliance, brought back 64 tons of gold held abroad
In such a situation, a bank locker is a good option for security. Your gold is kept safe in a bank locker, and you can withdraw it whenever you want. Your bank charges some fees for this and provide security in return to your valuables .
Let's learn about the limits on keeping gold in a bank and the RBI rules regarding this.
How much gold can people keep in India?
According to the Income Tax Act in India, a married woman can only own 500 grams of gold, while the limit for unmarried women is 250 grams. Furthermore, men can only own 100 grams of gold in their own name. Therefore, it is important to understand that the limit on the amount of gold that can be kept in a home varies from person to person. For example, if a married man and woman live in the same home, they can own a total of 100 grams + 500 grams = 600 grams.
What is the limit on gold storage in a bank?
According to the RBI, there is no maximum limit on the amount of gold that can be kept in a bank locker. However, the amount of gold you can keep in a bank locker depends on the bank's policies.
Also Read: Banking laws will change from 2026, with 100-fold compensation for locker theft
Furthermore, you must provide proof that you purchased the gold legally. Simply put, the RBI has not established any rules or regulations regarding the amount of gold that a customer can keep in their bank locker.
Summary
It is up to the customer to decide how much gold they wish to keep in their bank locker. Furthermore, the RBI establishes regulations regarding the security and accountability of your bank locker. Furthermore, the bank cannot ask you what you have stored in your locker and why, unless you have kept any illegal items in it.
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