Bank Locker Facility
What is Bank Locker Facility?
A bank locker facility is a secure storage space provided by banks to customers for storing valuable items like jewelry, important documents, and other valuables. It offers protection against theft, fire, and natural disasters.
Gone are the days when people used to store their precious belongings in the locker of their houses. These days, it is no longer safe to hold valuable items at home. This is where bank lockers come to rescue.
What is a Safe Deposit Locker?
A safe deposit locker is basically a bank locker which is rented to the depositors of the bank. The banks will charge periodic rent, mostly on an annual basis. These are widely used in storing valuables, jewelleries, and important documents. Safe deposit locker is an individually protected container made of metal. It is a portion of a bank's safe or vaults that is insured. They are built to withstand natural disasters including earthquakes, cyclones, fires, and floods.
When a depositor rents a safe deposit locker with his or her respective bank, the bank will provide the key to the depositor to access the locker. Apart from this, the banker has a second guard key to the locker box. With the rising technological adoption in recent times, a keyless systems like access cards and biometric have been introduced in the banking system.
When it comes to the thing which you can store in the safe deposit locker would range from jewellery to important documents such as business papers, contracts, bon certificates, physical stock, small collectables, and family heirlooms.
Why is a Safe Deposit Box Important?
The depositors of safe deposit locker mainly depend on the security of the building as well as the top notch vault in order to protect their belongings. These vaults are protected by security cameras and burglar alarms. Not only this but also the items stored in the safe deposit locker are protected from fire and water damage.
Important Things You Need to Know About Safe Deposit Lockers
The following are the important things which you need to know about safe deposit lockers:
Bank Lockers are Safe
One of the most important benefits of bank locker is that they are the safest place to keep your valuable items. Both the entry as well as exit points of the room that contains lockers is guarded by the security guards as well as under CCTV surveillance.
It is Important to Have Nominees for your Safe Deposit Lockers
You have the choice to include a nominee while using a safe deposit box. The candidate has access to the locker in the terrible event that the locker renter passes away before expected. After all, only legitimate heirs as determined by the courts may claim valuables. This assures that you can provide for your loved ones financially while you are away by giving them access to important items.
Depositors Should Have an Account with the Bank to Open a Locker
You need to have a Savings Account or a Current Account with a bank to open a locker. If you want to open a account with your bank, you need to submit all the required documents.
Choose the Locker Size According to Your Preference
The need of bank locker varies from depositor to depositor. For instance, if you want to store your jewellery in the safe locker, you will need more space. The bank charges rent based on the size of locker.
Fees of Safe Deposit Lockers
As the websites of various banks, the bank locker fees range between Rs.500 and Rs.3,000 based on the size of the locker and area. Now, we will have a look at the locker charges of the State Bank of India (SBI), HDFC Bank, Punjab National Bank (PNB), ICICI Bank, Canara Bank, and Axis Bank.
HDFC Bank Locker Charges
HDFC Bank Locker Charges vary based on the availability, location, and size of the locker. The fees can range from Rs.3,000 to Rs.20,000 per year. In urban and metro cities, the bank charges Rs.3,000 for small lockers, Rs.5,000 for mid-sized lockers, and Rs.10,000 for large lockers annually.
SBI Locker Charges
SBI Locker Charges vary based on the locker size and the branch location. According to the official website of the SBI, the bank charges locker fees which range from Rs.500 to Rs.3,000 based on the locker size and the locality, In metro cities, the bank charges Rs.2,000, Rs.4,000, Rs.8,000, and Rs.12,000 for small, medium, large, and extra large lockers, respectively. On the other hand, in semi urban areas and rural locations, the bank charges Rs.1,500, Rs.3,000, Rs.6,000, and Rs.9,000 for small, medium, big, and extra large locker sizes, respectively.
PNB Locker Charges
PNB charges locker rent of Rs.1,250 for rural as well as semi urban areas. On the other hand, for urban and metro areas, the bank charges from Rs.2,000 to Rs.10,000 per year.
ICICI Bank Locker Charges
ICICI Bank locker charges rent which ranges from Rs.1,200 to Rs.5,000 for small size locker and between Rs.10,000 and Rs.22,000 for an extra large locker.
Axis Bank Locker Charges
Axis Bank locker charges rental fees ranging from Rs.1,500 to Rs.20,000 depending on the size and location of the locker. The depositors of Axis Bank need to pay for initial locker registration of Rs.1,000 plus Goods and Service Tax (GST). Free locker visits are limited to three each calendar month after which each visit costs Rs.100 plus GST.
Canara Bank Locker Charges
Canara Bank locker charges include an annual rental fee that varies based on locker size and location. For the customers of Canara Bank customers, the one-time locker registration fee is Rs.400 plus GST. Service charges for locker operations is limited to 12 each year for free after which you need to pay Rs.100 operation plus GST.
FAQs on Bank Locker Facility
- What is the locker charge of SBI?
Depending on the size and location of the locker, SBI charges locker fees that range from Rs. 500 to Rs.3,000. For small, medium, big, and extra large lockers in metropolises, the bank charges Rs.2,000, Rs.4,000, Rs.8,000, and Rs.12,000, respectively. On the other hand, the bank charges Rs.1,500, Rs.3,000, Rs.6,000, and Rs.9,000 for small, medium, big, and extremely large locker sizes, respectively, in semi-urban and rural areas.
- What is the locker charge of Canara Bank?
The one-time locker registration charge for Canara Bank customers is Rs.400 plus GST. There is an annual limit on the number of free locker operations, after which you must pay Rs.100 plus GST.
- What is the benefit of renting a safe deposit locker?
In order to safeguard their possessions, safe deposit locker depositors rely mostly on the structure's security as well as the top-notch vault. Both burglar alarms and security cameras are used to secure these vaults. Additionally, the items kept in the safe deposit box are shielded from water and fire damage.
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