How to open a bank locker in India – Certain things to keep in mind

Bank lockers in India offer option to safeguard things like jewellery, cash, diamond and other valuables. Bank can not deny a customer for locker facility. Even, you are not required to be an existing customer of the bank to get locker facility.

To get a locker, the person has to fill up an application form and complete the KYC formalities at bank. The person is also required to sign an agreement called “memorandum of letting”.

Generally banks allow those to open a locker who is already a good customer with required minimum balance in account. Bank may ask to have a fixed deposit as collateral to cover three year’s rent and charges for breaking the locker in case of an eventuality.

Locker should have two sets of keys. One will be handed over to the customer and the other one called master key which will be with the bank manager. Bank locker will not be opened unless and until both the keys are used.

As per RBI guidelines, bank should allot lockers on a first come, first serve basis. While allotting, if no lockers are available then bank has to note down his or her name in wait list and provide a wait list number to the customer. Once locker is available, customer should be allotted on a first come first serve basis.

bank locker

Bank locker cost

Bank in India do not have uniform charges for customers by which locker rates vary based on the location of branch and locker sizes.

For example state bank of India charges Rs. 1019 for small, Rs.2547 for medium, Rs. 3056 for large and Rs. 5093 for extra large lockers in metro and urban cities. For semi urban and rural areas charges are reduced to Rs. 764 for small, Rs.1528 for medium, Rs. 2547 for large and Rs. 4075 for extra large sizes.

Compare to SBI, ICICI bank charges Rs. 1800 annually for small size and Rs.4000 for large sizes. Generally PSU banks charges lower fee compare to private banks.

In addition to annual rent, you are also required to pay one time locker registration charges, per visit cost after a number of free visit limit for the year, loss of key charges.

We suggest you to check these costs with your bank before opening your locker.

Is keeping valuable things in bank locker safe

As per RBI, banks are not responsible for any theft, burglary or similar nature and are not liable for your valuable things kept inside.

However, it has made mandatory that all banks will provide best-in-class security arrangements to safeguard customer’s interests.

But legally, in case of theft, natural calamity or in any other case if you are losing any contents of your bank locker then bank will not be liable. But, bank can be held responsible for negligence and not providing adequate security.

If you are planning to open a locker in bank then we suggest you to have at least two nominees so that in case of your death this will ensure hassle-free transfer of valuable contents.

Editorial Staff at Yourfinancebook is a team of finance professionals. The team has more than a decade experience in taxation and personal finance.