Bank lockers Rules: Alert for bank locker owners, you should know these things..
Bank Locker Safety, pros and Cons: Currently there are only 60 lakh bank lockers in India. According to the report of Aurm, a company providing locker services, by 2030 there will be six crore people in the entire country who may need the facility of locker.
According to this report, there is still a huge gap between the number of bank lockers and the increasing need of the people. If you are also thinking of keeping your jewelry, documents, or other valuables in a locker, then you should know some important things so that you do not suffer any kind of loss.
1- Security of money and goods kept in the locker-
Although banks take safety measures to protect the lockers, do not forget that you have given your belongings to a third person and hence even if he is responsible for it, the danger is not eliminated. Nationalized banks like State Bank of India, Canara Bank, and Punjab National Bank as well as private banks including HDFC Bank, ICICI Bank, and Axis Bank offer safe deposit locker facilities. Even if you avail of a locker facility from another financial institution or a private locker service, you should be aware of the risks involved.
Banks do not take responsibility for any loss of locker. According to the Reserve Bank of India, as per the Locker Renter Agreement, banks are exempted from any liability in case of natural calamities, any negligence on your part, and other force majeure circumstances.
2- Bank Locker Rent, Compare-
Whichever bank or financial institution you are availing the locker facility from, you should first compare their rental charges. Bank locker rental charges range from Rs 1,000 to Rs 10,000 per year. Some banks charge additional fees for visits beyond the prescribed annual limit. Whenever you decide on a bank for a locker facility, get complete information about such possible costs before making your final choice.
3- The closer the locker facility is, the better.
While buying a locker, keep in mind that the closer it is to home, the better. If important documents and jewelery are stored somewhere far away then choose a nearby bank. If you have to take out and put stuff from the locker frequently, the locker should be nearby. So that, while carrying the goods from the locker to home, you do not face the risk of theft or robbery.
4- Rules related to locker fine, timing-
If you have lost the key and try to break the locker after losing the key, you may have to face a financial penalty. Therefore keep the key carefully. You must remain aware of the rules for using the locker. What are the timings of the bank branch where your locker is, generally these timings are from 10 am to 6 pm and they have limited services on Saturdays. But change is possible in this.
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