Your Bank Locker Isn't Safe. 😱😱

Hello!

Do you consider yourself to be a responsible person? Regardless of your answer, I’m sure you wouldn’t want to be responsible for gold jewellery, documents, or other valuables around the clock, right?

What I was up to: Niyati & I have been hustling left, right, and center with shooting reels for you, working on collab pitches and of course getting our good-ol’ podcast ready.

This week Niyati sat down with Shaan Khanna, Founder of Networking Now India, is a Networking Strategist and marketing enthusiast to discuss Networking and Entrepreneurship in the Modern Age. This has to be one of my personal favorites because I got to learn so many practical insights to grow my network, enhance my collaborative skills, and how networking can be a powerful tool for business. Uff, I feel too bad about missing this in-person, but you can take a look at it here:

We are now registered mutual fund distributors!! If you would like to check it out, you can fill out this form and our team will get in touch with you soon :)

Market ka haal: It wasn’t the best day for Indian markets as early gains in IT stocks got wiped out by sharp drops in the financial and auto sectors. Both the Nifty 50 and Sensex ended the day pretty flat on Wednesday, October 23. The Nifty 50 dipped 0.15% to settle at 24,435, while the Sensex dropped 0.17% to hit 80,081.

With pricey valuations, lackluster earnings, ongoing selling by foreign investors, tensions in the Middle East, and uncertainty around the U.S. elections, the market’s feeling the heat from all directions.🔥 Plus, the bump in US 10-year yields suggests the FED might take its time with rate cuts, which isn’t doing any favors for emerging markets. 🌏

But worry not, the festive season is right around the corner and the market is likely to readjust in no-time. Stop panic-buying/selling, PLEASE! You’re better than that!

Humara Gyaan: For most of you, bank lockers are a go-to solution for safely storing precious belongings, from jewellery to important documents. Well here’s all you need to know:

1. How Do They Work?
Bank lockers are one of the most secure places to store your valuables, but they come with a cost. The annual rent for a bank locker typically ranges from ₹3,000 to ₹20,000, depending on its size. 🔑 The locker opens only when both your key and the bank's key are used together, ensuring a double layer of protection. Sounds secure, right?

2. What Happens If You Lose Your Valuables?
If your valuables are lost due to theft, an accident, or even a natural disaster, your bank must compensate you with a sum that’s 100 times your annual locker rent, according to RBI guidelines.

3. What if your valuables are over 100 times the annual rent?
If you think your valuables need further protection, locker insurance is the way to go. 🌟 The insurance can cover jewellery, important documents, and other valuables stored in your locker. With premiums starting incredibly low, locker insurance typically offers coverage up to ₹40 lakh. For sums above ₹40 lakh, the cost is a nominal 0.60% per thousand of the insured amount. 🔐

Like what you’re reading? Please share this with your friends and have them sign up too!

After all, insurance as a concept rides heavily on “an ounce of prevention is worth a pound of cure.” I’m obviously not saying all of you NEED to insure everything at sight. Every penny counts, please don’t waste money like that. But it’s definitely worth considering, right?🧐💰✨

Here’s to wiser choices🍻

Sayali❤️

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