Let’s know how much the bank locker fare is and what are the necessary documents for this (photo: canva)
What is a bank locker
Rent and deposit amount
To have an account
Insurance of content
Insurance option
Rules of access
Joint ownership and namini
Process after death
RBI new rules
Passive locker
Bank’s responsibility
Whether to take a locker or not
What is a bank locker
Bank locker is a safe deposit box, which you can rent in the bank and keep your precious things like jewelry, documents etc. (Photo: Canva)
Rent and deposit amount
The annual fare of the locker depends on its size and the location of the branch. The fare of the small locker can start at ₹ 1,000 in the rural branch, while the fare of a large locker can be more than ₹ 10,000 in the metro city. Also, usually a fixed deposit also has to be deposited as security. (Photo: Canva)
To have an account
To get a locker, it is usually required to have a savings or current account in the bank. Locker is linked to your account. (Photo: Canva)
Insurance of content
Things kept in a bank locker do not have insurance on their own. The bank is only responsible for the security of the locker sector, the things kept inside the locker are not the responsibility of the bank unless the bank is negligent. (Photo: Canva)
Insurance option
Some banks now along with third party insurance companies also provide insurance options for locker content. If you are keeping precious things like gold or antique items then it is prudent to take insurance. (Photo: Canva)
Rules of access
The locker can be used only in the working hours of the bank. The record of every visit is kept through bank journal or biometric. (Photo: Canva)
Joint ownership and namini
The locker can also be jointly taken and Namini (successor) can also be appointed. Both joint holders can use locker as per their convenience. (Photo: Canva)
Process after death
After the death of the locker holder, the material of the locker is transferred to Namini on submission of necessary documents. (Photo: Canva)
RBI new rules
In 2021, RBI has made new rules for locker, in which the use of standard agreement form is mandatory and the locker holder is required to visit the locker at least 5 years. (Photo: Canva)
Passive locker
If the locker is not used for 5 years, the bank can open the locker by giving notice and take further action. (Photo: Canva)
Bank’s responsibility
The bank will be held responsible if the bank’s negligence causes damage to the locker’s content. Otherwise, the customer is responsible for the loss. (Photo: Canva)
Whether to take a locker or not
If you have valuables that you cannot keep safe at home, then a bank locker is a good option. But take decisions keeping in mind the requirement of rent, limited access and insurance. (Photo: Canva)