It is estimated in the Aurm report that by 2030, India would need 60 lakh bank lockers. But the dismal scenario of bank lockers makes a huge gap with the emerging need. If you are interested in keeping your documents, jewelry, or any other valuables in a locker, then there are some things you should be aware of. This information will prevent you from suffering any possible loss.
Protect valuables in locker
Despite stringent precautions adopted by banks to ensure the safety of bank lockers, there is always a risk that what is kept in them may come under the safekeeping of some third party. Nationalized banks like State Bank of India (SBI), Canara Bank, and Punjab National Bank (PNB) and private banks like HDFC, ICICI, and Axis Bank provide safe deposit locker service.
If you do it through another financial institution, using a private locker service, you should understand what those risks are. Insurance options, security management and terms of services have to be kept in mind when choosing a locker so that you can secure those valuables.
Damage to the locker is not allowed by banks. According to the RBI Lockers Renter Agreement, banks are not responsible for any natural disasters, burglaries, or any other eventuality.
Compare Bank Locker rents
First collect the rent charges from the bank or financial institution occupying the locker facility. Locker rent in banks varies from Rs 1,000 to Rs 10,000 per annum. Some banks also impose further charges for any visits over the limited number of visits in a year. So, it is understood to fully know all such possible costs before making a bank for the locker facility.
It’s better to have a locker nearby
The locker is better maintained closer to home. If you happen to have crucial documents and jewelry distant, select a bank that would be nearby. The locker should be close if you have to pull out and put away items regularly. That doesn’t keep bringing your valuables home at risk of theft or robbery.
Timing rules, locker penalty
Trying to break into the locker might incur a penalty if the keys are misplaced. So, keep them safe. Know the rules concerning the use of the locker. Most of the time, banks open from 10 AM to 6 PM, but they have limited operations on Saturday. The hours, however, may differ.
