Bank Lockers in India: Things you Must Know

Banks lockers are existing since decades. These bank lockers, that can be easily called “safes” or “vaults” allow the customers to store their valuables such as gold, currency notes, documents, etc. under the security of the bank in question.

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How do Bank Lockers Work?

If you are a customer of a bank then you can register yourself for its locker service which usually has a fixed annual fee depending on the size of the locker. Once this is done, the concerned person will give you a key to your locker. However, every locker opens with two keys- one that’s with you, and another that is with the bank. This is to maintain privacy and safety.

How are Bank Lockers Allotted?

Although there is usually a flat fee for using bank lockers, many banks also ask for a fixed deposit. Some banks require that you either have a fixed deposit account with the bank or invest in an insurance or ULIP instrument to avail the service.

The following are some of the important points to remember about bank lockers:

• Almost all banks require a customer to have a savings account with them in order to use the locker service.
• Many banks, especially from the private sector require a customer to open an FD account before using the locker service. For instance, in SBI and UBI you have to open an FD of Rs. 50,000.
• Banks are not responsible for theft or robbery of the lockers. This point was especially brought to light recently when the lenders disclosed the fact to the public.

Bank lockers have their advantages- there is no denying that. However, storing your belongings in them is different than your home locker.