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Planning to open a bank locker? Know latest rules, eligibility, security deposit and risks
Latest Bank Locker Rules 2024: Storing valuable items such as jewellery, important documents, and other precious assets in a bank locker is considered to be a safe option. To open a bank locker, one should follow these steps:
First, select a bank that is conveniently located near your residence, known for its excellent service, and where you already have an account.Although most banks provide lockers, availability may differ.
To be eligible for a locker, banks usually require customers to have a savings or current account. Banks often require a refundable security deposit, which can be paid in cash or as a fixed deposit.
Additionally, identification and address proof, such as a PAN or Aadhaar card, along with a recent passport-sized photograph, are necessary.
The bank will present a locker agreement that specifies the terms and conditions of usage. This legally binding agreement must be signed by both the bank and the customer.
Also Read | Senior Citizen Fixed Deposit rates: Top 5 senior citizen bank FDs – which banks offer highest interest rates? Check List
Lockers are available in different sizes and are allocated based on availability. In some cases, there may be a waiting period. Upon allotment, the customer receives a unique key, while the bank retains a master key.
The cost of renting a locker varies depending on its size and the branch’s location. Additional service charges may apply if the customer visits the locker more frequently than the permitted limit.
It is important to note that 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.
Additionally, it is advisable to nominate a family member who can access the locker in case of the account holder’s death.
With inputs from Centre for Investment Education and Learning content which appeared in Economic Times
First, select a bank that is conveniently located near your residence, known for its excellent service, and where you already have an account.Although most banks provide lockers, availability may differ.
To be eligible for a locker, banks usually require customers to have a savings or current account. Banks often require a refundable security deposit, which can be paid in cash or as a fixed deposit.
Additionally, identification and address proof, such as a PAN or Aadhaar card, along with a recent passport-sized photograph, are necessary.
The bank will present a locker agreement that specifies the terms and conditions of usage. This legally binding agreement must be signed by both the bank and the customer.
Also Read | Senior Citizen Fixed Deposit rates: Top 5 senior citizen bank FDs – which banks offer highest interest rates? Check List
Lockers are available in different sizes and are allocated based on availability. In some cases, there may be a waiting period. Upon allotment, the customer receives a unique key, while the bank retains a master key.
The cost of renting a locker varies depending on its size and the branch’s location. Additional service charges may apply if the customer visits the locker more frequently than the permitted limit.
It is important to note that 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.
Additionally, it is advisable to nominate a family member who can access the locker in case of the account holder’s death.
With inputs from Centre for Investment Education and Learning content which appeared in Economic Times