Consumer VOICE
Advantages and disadvantages of a bank locker

Advantages and disadvantages of bank lockers

Bank lockers are one of the safest options to keep your jewelry and important papers safe. Safe lockers are made of high quality thick steel plates with screws fitted on them making it difficult for robbers to break open. But do you know what are the advantages and disadvantages of a safe locker? Though there are cases of theft even in a highly guarded safe locker, it is still the best option to store your valuables.

Advantages of a bank locker

  • Safe lockers are probably the cheapest compared to any other form of safe deposit locker.
  •  Bank lockers are secured by insurance cover against fire and other hazards.
  • One can nominate or appoint a family member to operate the locker in his or her absence.
  •  Total privacy is maintained in a bank locker as bank officials do not see what you keep inside your locker.

Disadvantages of a bank locker

  • One of the main disadvantages of a safe locker is that one can operate only during business hours and so you need to plan in advance if you want to operate the locker. You cannot take out any contents in case of emergency.
  •  Normally, banks charge locker rent in advance for a specific period (for example, for one year). So, if you vacate the locker in the middle of the year, you don’t get back the refund.
  • Banks usually insist, albeit orally, on one depositing a sizeable sum as fixed deposits to be held with them for a longer period for letting out a locker.
  • Sometimes you don’t get the locker size of your choice. You probably have to use a large locker when a medium sized locker can serve your purpose.
  •  It is difficult to get lockers in rural and semi-urban areas.
  •  However, safety of bank lockers is a prime concern and one need to be extra vigilant. One should operate the locker regularly, as inactive lockers are prime targets of robbers.

Whatever be the advantages and disadvantages of a bank locker, it is still the best option than keeping your valuables in your home. You can also consider bank locker insurance and be super cautious.  You must also know RBI guidelines on bank lockers and few tips for hiring a locker

Consumer VOICE compared popular bank lockers or safe deposit lockers on the basis of rent, overdue penalty, no. of free visits and more to find out the best bank locker for you.

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