How To Open A Deposit Locker With A Bank?

Bank customers can open safe deposit locker with their respective branch or bank where they have an account. Safe deposit locker can be used to keep all your valuable items for which the bank charges some amount annually based on the size of the locker.

To open a bank locker one needs to have an account with the bank. Banks do ask you to open some fixed deposit so that it acts as a caution amount.

Things to know about bank locker:

• Bank locker can be availed singly or jointly.
• Nomination is available.
• Once your account is opened, the bank will provide you with locker key.
• Other Keys will be with the bank custodian.
• The customer has to pay the annual rent in advance.
• Banks are not responsible for the content in the locker

How to open bank locker?

Customers can visit the bank and fill the application form for the same and complete all the KYC policy. Sign the locker agreement. Bank lockers are allotted on first come first serve basis. The banks are supposed to maintain the wait for the interested locker holders. Also, privileged customer can get extra priority in allotment and some discount on the locker.

Most of the banks ask you to open a fixed deposit which will depend on the size of the locker you choose. Usually, these include three years rent and additional few charges ( incase of the inoperative locker).

Banks will give you a copy of the agreement on the operation of the locker at the time of allotment of the locker.

If the locker is not used for more than 1 year to 3 years depending on the bank and risk profile, the bank will send the letter to know the reason why the locker is being operated. In cases of no response, the bank has right to cancel the deposit facility. Know more

Where the reason is genuine where the customer is NRI, the bank may consider and extend the locker facility. Some banks such as Axis Bank allows the customer to open the account online.

Conclusion

There is a long procedure and huge fees involved in case if the locker key is misplaced. Know more. Usually, the charges in public bank lockers are lower compared to private and foreign banks.

But, it all depends on the availability, area of the locker as it is best to have locker in your area. There are banks which allow its customer to operate bank locker for 24*7 depending on the branch.

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