Bank Locker Charges India | Bank Lockers Near Me

About Bank Lockers

Locker is a cabinet which contains several compartments with different sizes and are available at the different branches of the bank. Bank Locker is a secure place to store valuables like jewelry, important documents and other precious items. This Locker shall be allocated to the customer based on first come first served basis. A person, who makes an application in the prescribed format, provided he/she fulfils the KYC norms and agrees to abide by the terms and conditions stipulated by the Bank. The locker charges is taken in advance for current year along with one year advance rent which is not refundable. The locker charges depends upon the size of locker allotted to him/her and the location of branch.

Document Required for Locker

locker can be hired by submitting the following documents

1. KYC documents
2. Passport size Photograph
3. Current or Savings account
4. Security Deposit
5. Locker Agreement (stamp duty payable as per respective state/Union Territory laws)

You may also need to provide collateral like a fixed deposit in order to cover the locker rent.

The bank will provide a copy of the locker agreement to you and keep the original. The agreement outlines the terms and conditions of usage.

Allotment & Operations of Locker

• Locker facility is provided by the bank at its select branches.
• For obtaining a Locker, you must be an account holder with bank.
• Lockers can be allotted both individually (except minor) as well as group.
• At the time of hiring the locker, bank will obtain a minimum-security deposit in the form of FDR from the lessee for the amount which would cover 3 years rent and the charges for breaking open the locker in case of such eventualities.
• The lockers will be allotted based on first come first served basis to the customers only. A waiting list register is maintained by the branches for the purpose.
• The Branches shall maintain a Wait List for the purpose of allotment of lockers and ensure transparency in allotment of lockers. All applications received for allotment of locker shall be acknowledged and provided a Wait List number.
• The Branches shall provide a copy of the agreement regarding operation of the locker to the locker-hirer at the time of allotment of the locker.
• Loss of key should be immediately informed to the Branch.
• With standing instruction, the rent may be paid from the deposit account of the hirer on due date.
• Two different keys shall be available for each locker i.e. one key is for the Bank called Master Key and other one is for the customer called Hirer's Key.
Before operating the locker the hirer/s should sign the attendance register which shall be kept at the bank.
• Hirer(s) are required to make at least one operation in a year as per the extant guidelines.
• Nomination facility is available for lockers.
• The allotment of the locker by the Bank is subject to satisfaction of KYC norms of the bank and the Bank reserves its right to cancel the same at any time without any notice if the KYC norms are not satisfactory in the opinion of the Bank or its internal auditors.

How to Open Bank Locker?

To open a bank locker, you need to perform following steps,

• Step (1) Choose Bank to Open Locker: Consider a bank which is close to you, has a good reputation, and where you already have an account.
• Step (2) Meet Eligibility Requirements: Most banks require a savings or current account, identification and address proof, and a recent passport-sized photograph.
• Step (3) Fill Out Application: You can apply for a locker online or in person:
• Online: Visit the bank's "Online Locker Facility" page, enter your details, and follow the instructions.
• In person: Visit the bank branch, get the application form, fill it out and submit it with the required documents.
• Step (4) Sign Locker Agreement: The bank will provide a legally binding agreement which consists of the terms and conditions of usage.
• Step (5) Pay Security Deposit: Banks may ask for a refundable security deposit which can be in the form of a fixed deposit or cash. It varies from bank to bank.
• Step (6) Receive Locker: Once the locker is allotted to you, you will receive a unique key for your locker which is required for locker operation always.

Outlined below are some other things about locker to know.

• The cost of renting a locker depends on the size of the locker and location of the branch.
• There may be some additional service charges if you visit the locker more than the permitted limit.
• Most banks are not liable for the contents of the locker so it's wise to insure high-value items.
• It is always good to nominate a family member who can access the locker in case of your death.

Nomination for Locker

1. Nomination facility is available for locakes holder in the name of individuals singly or in the names of two or more individuals to be operated under joint signatures of two or more hirer.
Nomination facility is not available in respect of lockers hired in joint names, if the operations are to be allowed under single signature of any of the hirer(s).
2. Only one person can be nominated, if locker is held in single name. Nominee, can have access to the locker on the death of the hirer.
3. More than one person can be nominated if locker is held in joint name and operated under the joint signatures of two or more person. Nominee(s) can have access to the locker on the death of the hirer(s).
4. Nomination facility is optional. It can be made, varied or cancelled at any time during the period of hire.

Benefits of Safe Deposit Locker

• You can keep your valuables such as jewellery, ornaments, important documents, etc. safe in the locker. Bank lockers are under constant security and surveillance.
• It provides much more safety than which is there in our home. Safety is the primary benefit offered by a bank locker.
• You can choose locker from different sizes small, medium, large, extra-large, etc.
• It facilitates direct debit of locker rent from your account with the same bank.
• You can enjoy the facility of nomination.

How to Surrender a Locker?

Sometime due to some reasons, you need to surrender your locker. Points mentioned below will help you surrendering your existing locker:

1. Before surrendering locker, you should vacate the locker completely and check that nothing is left in your locker.
2. You need to give a written request for surrendering your locker. This request/ application should be signed by all the locker holders.
3. You need to write your locker number, account number and name(s) in the request.
4. The request/ application should also have a mention that the locker has been vacated by you & all the belongings have already been removed.
5. Submit this request along with the keys to the competent person who looks after locker related activities and take an acknowledgement of the same. The acknowledgement will confirm that the locker has been successfully closed.
6. Please note that if you have already paid annual rent for locker and vacating it in the middle of the year then proportionate rent will not be returned to you.

Other Banks Safe Deposit Locker