A quick look at bank locker charges in India

Planning

oi-Sunil

By Sunil Fernandes

Published: Monday, June 10, 2013, 8:56 [IST]

Bank locker charges in India vary from bank to bank and from the area where one wants to operate a locker. For example, the charges for a bank locker in the urban areas is higher when compared to a semi-urban area.

Charges vary also depending on the size of the bank locker. At the moment it's extremely difficult to provide exact rates for a bank locker, simply because it also depends on other factors. For example a privileged customer who has huge deposits may get preferential treatment over rates, as compared to others.

In general locker charges at public sector banks are cheaper when compared to private sector and foreign banks, though one must admit that here again a lot would depend on availability of lockers etc.

Also, the norms are very different and vary from banks to banks. For example, Bank of Baroda at the time of hiring the locker, will obtain a fixed deposit under bank's lien which would cover 3 years rent and the charges for breaking open the locker in case of an eventuality.

There are no such deposits that need to be opened with other public sector banks like Corporation Bank, though one must admit that charges at Corporation Bank are pretty much high.

How to choose a bank locker?

Apart from the charges the most important thing one would need to check are the norms. For example, some banks have very stringent norms. Few banks may ask customers to surrender a locker where the same remains un operated for three years, without a valid reason.

Apart from the norms also look at accessibility. If you may need to open the locker frequently, it's best to have a locker at a bank that is close to your residence. There are many banks that now offer 24x7 access to the locker including IDBI Bank and Standard Chartered Bank.

All in all, you need to consider your own requirements and look a the charges before you hire a locker.

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