Unlocking the Truth: What You Must Know Before Renting a Bank Locker in India

Image Source: Times Of India

Key Takeaways for First-Time Applicants

Available only to savings or current account holders at the branch

KYC requires compliance and implementation of a "memorandum of letting"

Lockers are on a first-come, first-served basis, usually with waiting lists

Rental Charges and Security Deposits

Rent is yearly, ranging from ₹1,000 in rural stores to ₹10,000+ in metros

The three-year fixed deposit might be needed to pay three years' rent and break-open expenses.

Access and Operational Norms

The lockers can be accessed during banking operating hours and entered using biometric or journal log

Joint holding and nomination permitted; nominees are to provide documents needed

Must be invoked at least once every five years to avoid it being considered dormant

Insurance and Liability Caveats

Banks are not liable for locker contents unless shown to be negligent

Maximum liability capped at 100 times the annual locker rent

Customers should consider third-party insurance for valuable contents

What Can and Cannot Be Stored

Allowed items: gold, title deeds, documents, certificates

Prohibited items: cash, drugs, explosives, perishable items, illegal items

Final Word A bank safe deposit box can protect your treasures, but it pays to be informed. Keep an eye out for your bank's special conditions, check the locker from time to time, and include insurance for that extra peace of mind.

Source: Moneycontrol, News18, Rediff, India Employment News