Want to open a locker in the bank, then know its process

Everyone wants to keep valuable jewelry and important documents in such a place, where there is no fear of them being lost or stolen. Most people rely on bank lockers for the security of such items. Let us know the process of opening the locker.

The facility of the locker to protect jewelry or any other valuables is years old. If you also want to use Bank Locker, then know how you can avail of this service.

Every bank has different rules for Locker.

According to RBI rules, a person can take a locker even without opening an account in any bank. However, due to the security deposit of locker rent and other charges, banks are reluctant to give the locker without opening the account. Some banks, especially private banks, offer locker facilities to customers only after making a fixed deposit of a large amount. 

Under the simple process, to open a bank locker, you have to give an application to the bank, as well as pay the locker charge to the bank in the form of rent. After this rental agreement, you can take a locker in the bank.

Have to pay the maintenance fee annually

You have to pay a fee for the bank locker. This fee is charged once a year. The amount of fee depends on the size and branch of the locker. Government banks charge 1000 to 7000 rupees annually for a locker. Whereas private banks charge a fee of Rs 3000 to Rs 20,000.

How do you operate your Locker?

Two keys are generated by the bank to operate the locker. One key is given to the customer and the other is retained by the bank. The locker opens only when these two keys are pressed together. If you lose the key, you can get a new key from the bank by paying the penalty.

is it necessary to make a nominee?

To open a locker in a bank, it is necessary to have a nomination or joint ownership. If the subscriber dies, the access is given to the nominee after the necessary paperwork.

How safe is this service?

You can trust the bank locker as much as you trust the bank. The bank is not responsible for the things kept in the locker. Banks simply refuse to pay compensation in case of natural calamities like earthquakes or floods, terrorist attacks, or theft. 

To protect this, the Reserve Bank has made new rules. According to this, if there is an incident of theft from a customer's locker, then in such a situation the bank will have to pay a fine for the stolen goods. This penalty will be up to 100 times the locker rent paid by the customer. Along with this, in case of theft, banks will not be able to shirk their responsibility.