In the time, when we daily read about the thefts and robbery in many places it will be safe to open a deposit locker in our account holding bank to safeguard our valuables.
Bank customers can open safe deposit locker with their respective branch to keep all your valuable items for which the bank charges some amount annually based on the size of the locker. Banks do ask you to open some fixed deposit so that it acts as a caution amount.
Bank locker can be availed singly or jointly. 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
Customers should provide their mandated under the KYC policy and sign the locker agreement. Bank lockers are allotted on first come first serve basis, 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).
There is a long procedure and huge fees involved in case if the locker key is misplaced. Usually, the charges in public bank lockers are lower compared to private and foreign banks. There are banks which allow its customer to operate bank locker for 24*7 depending on the branch.