Lost Your Bank Locker Keys? Here’s What You Need to Know

The bank might replace the key or provide duplicate keys. Then a trained official will break open the locker in the presence of the bank official and the owner of the locker. The owner will be penalized and a fee will be charged for the duplicate key.

Have you ever wondered what would happen if you lost the keys to your bank locker? No one would like to think that they would lose their bank locker keys but it is possible. So it is important to know beforehand about the consequences of losing your bank locker keys.

Opening your bank locker

When you open a bank locker with any bank, you not only pay for more than the rent of the locker. Most banks charge a rent of three years along with an advance amount for breaking charges. Advance charges for breaking the locker is charged in case of emergency situations where the locker might have to be broken. The Reserve Bank of India has given banks permission to charge an extra fee if required. But most banks charge an additional fee after a while and only if needed.

Bank locker key

When an individual opens a bank locker, they need to know that there are two keys for their locker. One key will be given to the individual who opens the bank locker and the other will be with the bank. The individual can’t get any supplementary or duplicate key for the locker. It is very important to be careful with the key and not lose it since it is the only key the individual possesses. But mistakes happen and there is a possibility that the key might be lost.

What happens if your bank locker keys are lost?

So what should you do if you lose your locker keys? It is very important to inform the branch manager of your bank as soon as you lose the keys. The bank officials will make sure that no one can access your locker when you inform them about your loss.

Once you inform the bank about your loss of keys, the bank will either replace your locker or key or give you a pair of duplicate keys. A trained technician will be called to the bank and will break open the locker in the presence of the bank official and the person who rented the locker.This is done to ensure that nothing happens to the belongings in the locker. If the owner of the locker is not available on that day, the locker will be opened in the presence of a bank official and the contents of the locker will be moved to a safety box. The owner of the locker who lost the keys will be penalized and a fee is charged for the duplicate key or change of locker.

Don’t lose your locker keys!

You are wrong if you think that there are no serious consequences to losing your locker keys. If your locker key is stolen and you haven’t notified the bank about it, the person who stole your keys might easily access the contents of the locker as many banks don’t verify the authenticity of the person opening the locker. Hence, it is very important to keep your locker keys safe so that you don’t suffer unnecessary financial expenses and the risk of losing the contents of your locker.

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