New Delhi, July 13 -- Getting a locker facility with a bank is not an easy task. In several cases, there is a huge waitlist for lockers because of high demand and banks often ask customers to buy other products - insurance or make fixed deposits - to expedite the locker availability. However, there is a hack you can use to store your valuables with the bank without necessarily waiting for the locker facility, but with certain caveats.

Gold overdraft (OD) facility can be a hack for those looking for a locker facility for their gold jewellery. The OD facility entails extension of a credit line or OD facility from the bank, against collateralization of a gold asset. This gold is stored by the bank in its vault.

As it is an OD facility, the...