Bank locker is a safe deposit box service offered by almost all retail banks in India. Subscribing to the bank locker facility allows customers to keep valuables such as jewellery, luxury goods and essential documents in a safe locker inside their bank branch. Bank locker subscriptions are usually available on a yearly basis. Safe deposit boxes are a part of the larger vault, with separate secured spaces provided to individual customers. These lockers are designed to protect your valuables against natural calamities such as earthquakes, floods and cyclones.
Features of Bank Locker
- Lockers are generally alloted on first come first serve basis.
- Lockers are alloted to individual as well as joint account holders.
- Lockers are availble in different sizes and a wide range of shapes.
- Locker facilities can be booked online through bank’s website and app.
- Annual rent will be directly debited from the savings/current account.
- Customers can give access to known individuals for operating their locker.
- Lockers are equipped with constant surveillance system and tight security.
- Bank locker facilities can be availed by visually impaired (blind) person.
- NRIs can hire locker without any prior permission from the RBI.
Disadvantages of Bank Locker
- Bank locker cannot be accessed 24 x 7
- Bank locker cannot be accessed during holidays and festivals.
- Items in Safe Deposit Box are not insured by the bank.
- Locker facilities are not available in all bank branches.
- Annual rent is not refundable, in case of surrender.
- Late payment penalty can go up to 2.5% per month.
- Customer has to mandatorily access the locker once a year.
- Bank locker items cannot be transferred from one branch to another.
- It becomes difficult for the customer to access locker if they shift to another city.
Eligibility for Bank Locker
- Lockers can be rented not only by individuals but also by trusts, small businesses and limited companies.
- Customer should have a saving or current account in the same bank.
- The other option is to create a fixed deposit in the same bank.
- The current age of customer should be 18 years and above.
Documents Required for Bank Locker
- Passport size photographs
- Application form with KYC formalities.
- Locker agreement, also known as Memorandum of Letting.
- Savings or Current account in the same bank, OR
- Fixed Deposit for the amount of three year’s locker rental.
- Advance payment for 1 year rental.
- Standing instructions to debit future rental from bank account.
- One time registeration charges may be applicable in some cases.
Things you should keep in the bank locker
- Jewellery
- Coin Collection
- Small Valuables
- Family Photos
- Tresured Memories
- Birth certificates.
- Marriage certificates.
- Title papers for your vehicle.
- Deed to your home.
- Important legal documents.
- Stock and bond certificates.
- Credentials for Digital Assets
- Important business papers, records, and contracts
Things you should not keep in the bank locker
- Cash
- Spare keys
- Uninsured valuables
- Passports
- Drivers’ licenses
- Social Security cards
- Power of Attorney
- Hazardaous or illegal materials
- The original copy of your will
- Health care directives
Bank Locker Charges In 2023
- SBI Locker Charges
- Axis Bank Locker Charges
- ICICI Bank Locker Charges
- HDFC Bank Locker Charges
- Yes Bank Locker Charges
- Kotak Bank Locker Charges
- Bank of Maharashtra Locker Charges
- Union Bank of India Locker Charges
- Indian Bank Locker Charges
- UCO Bank Locker Charges
- IDBI Bank Locker Charges
- DCB Bank Locker Charges
- DNS Bank Locker Charges
- TJSB Bank Locker Charges
- Bandhan Bank Locker Charges
- Dhanlaxmi Bank Locker Charges
- GP Parsik Sahakari Bank Locker Charges
- AU Bank Locker Charges – Contact Bank
- RBL Bank Locker Charges – Contact Bank
- Canara Bank Locker Charges – Contact Bank
- Federal Bank Locker Charges – Contact Bank
- Bank of India Locker Charges – Contact Bank
- IndusInd Bank Locker Charges – Contact Bank
- IDFC First Bank Locker Charges – Contact Bank
- Bank of Baroda Locker Charges – Contact Bank
- Abhyudaya Bank Locker Charges – Contact Bank
- Central Bank of India Locker Charges – Contact Bank
- PNB Punjab National Bank Locker Charges – Contact Bank
Frequently Asked Questions
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How to open locker in bank?
Bank locker can be opened online as well as by visiting the nearest bank branch. Even if you apply online, you will be required to visit the bank for completing the formalities and deposit the valuables. We would suggest you to directly visit the bank branch and open a safe deposit box account by submitting the necessary documents.
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How bank locker works?
A bank locker is basically a safe deposit box, where you can keep your valuables for a yearly charge. You will need to complete the documentation, pay the rent in advance and then you will get access to the bank locker. A bank locker is useful for those who want to keep their important documents and valuables at a safe place other than home.
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Which bank is best for locker facility?
There is no simple answer to this question. All banks have the best security for their locker facility. You should check the annual price and distance from your home or office while selecting the bank for their locker facility.
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How to keep gold in bank locker?
Visit the bank branch where you have opened the safe deposit box account and contact the bank officials. They will suggest you the complete process of depositing gold in your locker.
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What are the bank locker charges for gold?
There is no separate charge for keeping gold in your locker. The charges for the locker depends on its size. Bank lockers are usually available in small, medium and large sizes.
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Is jewellery box for bank locker required?
No. A Jewellery box is not mandatory for keeping your jewellery in the bank locker.
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Is there a separate gold locker in bank?
There is no separate locker for gold or jewellery. You will have to keep gold in your assigned locker only.
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What if bank locker is robbed?
In case of fire, theft, burglary, dacoity or robbery, the bank is liable to pay an amount equivalent to one hundred times of the existing annual rent of the safe deposit locker.
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Can the bank access my safe deposit box?
Banks always have a duplicate key for your locker. This does not mean that your locker will be opened for no reason. Banks are authorized to open your locker only if certain conditions are not met. Please read the RBI notification here for more information.
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Which bank is safe for locker facility?
All bank lockers are equipped with constant surveillance systems and tight security.
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Where can I find bank locker near me?
You can visit the nearest bank branches in your area and confirm whether the locker facility is available in the branch or not.
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Where can I find bank locker availability near me?
You can check the bank websites or call their customer care number to get the availability information.
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What are different bank locker size?
Bank lockers are usually available in 3 standard sizes – small, medium and large. However, some banks offer more size options.
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Can you provide bank locker charges comparison?
You can find the complete list of bank locker charges in this article. You can check the prices, compare and then select the one which is suitable for you.
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What is the size of small bank locker?
There is no fixed dimension for a small bank locker. You will need to directly confirm the size from your bank.
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Is stamp paper for bank locker required?
Yes, at the time of allotment of the locker, the bank shall enter into an agreement with the customer to whom the locker facility is provided, on a paper duly stamped. A duplicate copy of the locker agreement signed by both parties will be provided to the locker-hirer to know his/her rights and responsibilities.
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Where can I find the letter to close bank locker?
You can write a letter directly to the branch manager with today’s date, proper subject and the reason for closing the bank locker. You should also mention your savings/ current/ FD account number as well as the branch IFSC code in this letter.
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What to do if bank locker key is lost? My bank locker key lost recently.
Immediately contact the bank branch where you have availed the locker facility. They will either give you a duplicate key or replace the locker. A trained technician will break the locker and open it in the presence of bank officials and the person who rented the locker. It is done to maintain proper transparency while shifting the locker content to another locker.
Disclaimer: All information provided in this article are general information already available on the internet. We have tried it compile and bring all the information together in a single place. We do not recommend any particular bank. Please make sure to read all the official documents, notifications and rules before signing up for a safe deposit locker facility.
