Things to know about safe deposit lockers | Fusion - WeRIndia

Many people want to utilize a bank locker to keep valuable items like jewellery, property documents etc. If you want something more trustworthy than a bank then we would suggest you to go for Safe Deposit Centre Manchester if you live nearby. (from our partner).

Here are some important things to know about safe deposit lockers:

• Banks provide a locker facility to customers on a first-come-first-serve basis. So, register with a bank to open a locker.
• Banks maintain a wait list to allot lockers. If you register with the bank, you will be given a wait list number and allotted as per the number.
• It is better to choose your nearest bank branch to open a locker. It eases the process as you can keep your belongings in it and bring them back if required.
• There is no need to have an account to open a locker in that bank. But, banks ask for a security deposit as per RBI guidelines. The deposit amount varies with the size and location of the locker and bank.
• You have to open a fixed deposit (FD) with the bank to have a locker facility. It is used for locker rent. The deposit amount is equivalent to the rent of three years and also the charges to break open the locker in the event of any contingency. Banks provide an acknowledgement for your FD.
• Each locker has two keys. One is given to the customer, and another is kept with the bank. If the customer loses the key, the bank levies penalty for replacing the key to get open the locker.
• You have to operate your locker at specified intervals. Or else, the bank will cancel the allotment and open the locker even though you are paying rent for it. However, the bank will inform you and send a notice before cancelling your allotment.
• A locker can be opened by a single person or more than one person jointly.
• It should have a nominee. The nominees can get access to the contents of the locker on the death of the locker holder. They have to submit essential documents asked by the bank for it.
• If there is no nominee, the legal heir will become eligible to get access to the locker.
• You can also close the locker by applying to the bank. Empty the locker and return the key to the bank. Then, you will get a refund of the security deposit collected by the bank at the time of opening.
• Certain insurance plans are also available to cover items kept in the lockers of some banks.

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