Bank Lockers: 6 Things To Know Before And After Renting

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Most Indians opt for deposit lockers from bank to keep all their valuable items such as documents, expensive items, jewellery etc., safe.

Banks charge a nominal annual rent, which depends on the size of the locker and the centre at which the branch is located.

As per RBI guidelines, bank branches should maintain a wait list for the purpose of allotment of lockers and ensure transparency in allotment of lockers. All applications should be provided with acknowledgement and a wait list number.

Locker Rent

The rent is payable in advance for the Financial Year. A copy of the locker agreement regarding operation of the locker can be provided to the locker hirer at the time of allotment of the locker.

Nomination is important

The major advantage of availing nomination is that in the event of unfortunate death of one of the joint locker-hirer, the right to the contents or items in the locker does not automatically devolve on the surviving joint locker-hirer or nominee, unless there is a survivorship clause, nomination.

If locker is not operated

As per rules, if locker is not operated for more than one year, the branch has the right to cancel the allotment of the locker and open the locker even if the rent is paid regularly.

Lost your bank locker keys

The first thing that you should do is intimate the branch manager. The best way would be to do so in writing. The bank would then take the initiative to ensure a duplicate key or to break open the locker

How does it work?

When you open your locker, bank will handover one key to the locker that is rented out and one key is kept with the bank.

When you need to open the locker, a bank official visits the locker with his or her key and you have to open yours. Both together only simultaneously can open the locker.

KYC

Banks cannot deny facility of locker for the new customers or non account holders. In such cases, banks can ask you to open fixed deposit for certain years or ask you to open savings account and KYC will be done as per the rule.

Read more about: bank locker, safe deposit locker
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