Locker facility in Banks

Hi friends,

can anyone help me in explaining that how locker facility works in banks.

thanks in advance..

Hi Shiji, I didn’t exactly get your question but assume that your doubt is on how to open a locker facility with a bank. Some banks ask us to make a fixed deposit with them to allot a locker to us. I think it varies with cities because back in my home town we didn’t have to pay any amount for the locker but the monthly/annually rent. Here in Bangalore in SBI we were to make an FD of 1lakh to get a locker allotted to us. Vijaya bank just needed a 30,000 or 20,000/- FD to be made for getting a locker, with an annual rent. You can opt for a bigger size locker, but most of the banks have very few numbers of big lockers and is really difficult to get one. You can directly enquire in the bank where you are planning to open a locker to know the proper steps to be followed. It is always better to get the facility in a bank nearer to your house since it’s convenient for us to go whenever required. When you open a locker make sure no one else is in the room, make sure you have safely kept everything back or in your bag, double check whether you have locked your locker, NEVER forget to put your key back into your bag. One of my relatives forgot the locker key on the locker itself and lost all the valuables kept in it. The bank authorities were not able to help because anyone who entered the locker room could have taken it. So be really careful while operating one.

Hi ami,
thank you so much for your explanation. U read my mind dear.
Let me get clarified some more things: as you have given FD, the valuables can be kept there till the FD period or anything like renewing the locker facilit?.
Is there any restriction to take some of the items in between?

I am not quite sure about the FD period, but once you are allotted a locker you can use it till you surrender it back. The things we store in our locker are personal, and we can open the locker any time the bank is open. They maintain a register where we have to sign in with the date and time.

Ami,

Looks like it was a breeze for you to get a locker. these days for a small locker the FD required is anywhere between 5lacs, and in chennai lockers are in high demand.

shiji,

Go with your banker, if you maintain an nre account, have some fd's for a 1000 days and get your locker. and the rentals can be paid for 3 years at a stretch.

My banker says there are people who pay for 10 years too to keep the locker.

There are no restrictions. only thing that could restrict are the locker sizes.

you can always file an application for a locker with your banker and check out. sometimes, you could just get one without any of these hassles.

Thanks a lot,ami and shanvy...........

You can get a locker for a relatively low Fd- 10 to 25K -in a newly opened branch.

That is how I managed to get mine 2 years back.

Hi Shiji,

When I opened the locker facility 14 years back in SBT, we didn't have to put any FD there. We just opened a current account. that time the annual rent was Rs 300 and now it is aroung RS 2000. i don't remember the exact amount.

It is always better to go n check with the bank directly.

And yes you have to be very careful when operating the locker. you have to sign a register with date and time. plsss do not forget to keep the locker key safe after locking.

One useful tip-

Always place a sachet of moisture absorbent silica gel crystals inside your

locker.

It helps keep dampnes at bay and prevents tarnishing of your silvers and

helps protect the sheen in Gold which is lost when exposed to dampness.

Thank you so much Shakambari and Bindu for giving me valuable information and suggestion.