When it comes to keeping precious goods safe, the name of Bank Locker first comes to mind. Whether you have gold-silver jewelry, property documents, or family heritage, bank locker keeps you tension-free. This is a feature that is given by banks to its customers so that their precious things are protected from theft, fire, or natural disasters.

But if you are also thinking of taking a bank locker, then it is important to understand its rules, fees and security system well. Let us know in detail every aspect of this facility.

What is a bank locker and how does it work?

Bank Locker is a safe deposit box, in which you can keep precious things like your jewelry, important documents, will, bonds, or small collections. These lockers are placed in the bank’s high-quality vault, which are specifically designed to protect them from theft, fire, and natural disasters.

Two keys are required to open the locker – one with you and another with the bank. Many banks now also use biometric verification, which further strengthens security. However, this facility is not free. You have to pay an annual rent for this, which depends on the size of the locker and the location of the bank’s branch.

Locker fare and conditions

The fare of bank locker (bank locker) depends on many things, such as the size of the locker and the bank’s location. The annual fare of small lockers in small cities or rural areas can start from Rs 1000, while you may have to pay up to Rs 10,000 for large lockers in metro cities like Delhi, Mumbai, or Bengaluru.

GST also applies on this rent. Some banks also ask for security deposits, which are returned when leaving the locker, provided there is no arrears. To get a locker, you must have an active savings account or current account in that bank. Some banks also have a condition of minimum balance or fixed deposit.

How safe is this facility?

The biggest feature of Bank Locker is its strong security system. These lockers are placed in high-quality vault, where 24/7 CCTV surveillance, Bergler alarm, and security guards are deployed. The vault is specially made to protect from disasters such as fire, water, and earthquakes.

But one thing is to be noted – if the goods kept in the locker are spoiled for some reason and the bank’s fault is not there, then the bank will not be responsible for it. In such a situation, getting personal insurance of your valuables can be a sensible step.

RBI rules and responsibilities

The Reserve Bank of India (RBI) has made several rules to make the bank locker facility more transparent. As per the rules applicable in 2021, all banks have to use a Locker Agreement, in which the responsibilities of the customer and the bank are clearly written. You need to visit your locker once every five years. If you do not use the locker for a long time or the fare is outstanding, the bank can break the locker by giving notice and sell the goods by selling goods.

According to the RBI, if there is damage due to theft, fire, or the bank employee fraud, the bank will pay a maximum of 100 times as compensation. For example, if your fare is Rs 5000, you will get a maximum of Rs 5 lakh. Therefore, private insurance is necessary for expensive goods.

What can you keep in the locker and what not?

You can keep things like jewelry, property papers, will, share certificates, and family heritage in the bank locker. But keeping some things is strictly prohibited, such as cash, weapons, drugs, explosive materials, or malfunctioning items. If you violate these rules, then there will be no compensation if there is a loss.

The locker is used only in the working hours of the bank, and your identity is examined on every visit. Many banks offer 12 free visits in a year, followed by Rs 100 per visit. If you lose your key, you have to pay the cost of creating a new key or breaking the locker.

Why is a bank locker important?

Bank Locker not only protects your valuables, but also gives you mental peace. But it is important to understand its rules and boundaries. If you want to keep your belongings completely safe, consider taking private insurance along with bank locker. This is a small investment, which can protect your goods worth millions of rupees from unexpected losses.