A bank locker is a safe place to store valuable items, such as jewellery, important documents and other precious assets. Here’s how one can open a bank locker.
Choosing the right bank
Most banks offer lockers, but availability may vary. It’s advisable to choose a bank that is close to your place of residence, has a reputation for good service, and where one already has an account.
Eligibility
Most banks require customers to open a savings or current account as a prerequisite. Identification and address proof, such as a PAN or Aadhaar card, and a recent passportsized photograph are also needed.
Locker agreement
The bank provides a locker agreement that outlines the terms and conditions of usage. This agreement is legally binding and must be signed by both parties.
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Locker allotment
Lockers come in various sizes. Allotment is based on availability and there could be a waiting period in some cases. Once allotted, the customer receives a unique key, while the bank keeps a master key.
Security deposit
Banks typically ask for a refundable security deposit, which can be in the form of a fixed deposit or cash.
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Costs
The rent for a locker depends on the size and location of the branch. There might be additional service charges for visiting the locker more than the permissible limit.
Points to note
- While bank lockers are secure, they are not entirely risk-free. Most banks clearly state that they are not liable for the contents. Therefore, it’s wise to insure high-value items.
- Nominate a family member who can access the locker in case of the account holder¡¦s death.
