The general perception is that bank lockers are the safest place to keep one’s valuables, due to their high-end security systems. Yet, considering that incidents of bank robberies or natural calamities cannot be guaranteed against, who is ultimately responsible for the safety of your assets? Well, the process is as easy as opening a bank account. Request in writing for a bank locker of the size you need; request to see the available locker cabinets to know the depth of the locker you wish to hire; sign an agreement for locker hiring; open a bank savings account to deposit locker rent and locker deposit; and obtain the key to your allotted locker, after which, as per your convenience, you keep your valuables, documents, etc., in the locker. You must also know RBI guidelines on bank lockers and few tips for hiring a locker.
Earlier, banks used to let out lockers as a favour to high-end customers who were otherwise dealing with the bank in matters of deposit/loans/remittances. During the latter part of the 1970s, after nationalisation of private banks, banks were looking to increase their customer base while exploring ways of accruing fee-based income to boost profits. This pursuit of additional business threw up a slew of public utility services such as issuance of letters of credit and guarantees and hiring out bank lockers.
Bank Lockers STUDIED
- Union Bank
- Syndicate Bank
- Indian Overseas Bank
- Bank of India
- Axis bank
- Federal bank
- Rent: Urban/semi urban/rural
- Overdue penalty
- No. of free visits
- Locker-key deposit
- Registration charge for locker enrolment
- Consumer feedback
Consumer VOICE Recommendations
Most popular bank lockers along with their scores on each parameter have been listed below. By studying each parameter and Quality of Service, we arrived at the BEST BUY, GOOD BUY & FAIR BUY.
STATE BANK OF INDIA
INDIAN OVERSEAS BANK & PNB
UNION BANK OF INDIA
Bank Locker Services: A Comparative Chart
a) Information given here has been taken from the banks’ websites (as updated on 24 July 2017).
b) The charges are concurrent charges and are only indicative.
c) Charges indicated here are exclusive of GST as applicable at notified rates.
d) We have ranked the services only for small-sized lockers, which are more popular amongst the public as the locker rents are minimal.
e) Locker deposit (also called key deposit) indicated here are on minimum chargeable basis, wherever not specifically indicated.
f) NS – not specified