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Friday, 25 April 2014

Bank Locker - Factors & Facts.

Bank lockers are a good option for safeguarding valuables and documents. You really need a Bank locker? What factors you should consider? What facts you should know about it? Explained here:-

  • Banks allot lockers on a first come, first serve basis. If not readily available, banks allot waitlist number to the prospect and the bank informs when it is available.

  • It is Each locker has two sets of keys - one for the customer, the other with the bank and it can be opened only if both the keys are used.

  • It is better to own a locker jointly to ensure hassle-free transfer of contents in the event of the death of either or both account holders.

  • As far as cost is concerned, lockers come in different sizes and the annual rent varies accordingly. Apart from annual fee, customer has to remit one-time registration fees to the bank. Besides, banks lay down rules on number of visits by the customer to open the locker.

  • As per RBI guidelines, banks are not responsible or liable for the contents kept in the locker even in caseof theft, burglary or similar unforeseen events.

  • However, the customers can trust the quality of locker as it undergoes rigorous safety test and is fire-resistant. In spite of which, there have been reported break-ins or termite attacks in banks but the instances are fewer and far between.

  • As per RBI, banks cannot deny the locker facility to those who are not customers. However, banks demand a caution deposit of up to 3 years of locker's rent.

  • In reality, banks make it mandatory to open Savings Bank Account and / or to open /buy FDs, Insurance Policies or ULIPS.

  • As said earlier, banks cannot be held responsible for the contents of the locker, natural calamities, terrorist attack when lockers get destroyed. However, customer can move to court to make the banks responsible for not providing adequate security or due to lack of basic maintenance.