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Bank Locker: Currently there are only 60 lakh bank lockers in India. According to the report of Aurum, a company providing locker services, by 2030 there will be six crore people in the entire country who may need the facility of locker. According to this report, there is still a big gap between the number of bank lockers and the increasing need of the people. If you are also thinking of keeping your jewellery, documents or other valuables in the locker, then you should know some important things so that you do not suffer any kind of loss.
1- Security of money and goods kept in the locker
Although banks take security measures to protect the locker, do not forget that you have given your belongings to a third person and hence even if he is responsible for it, the danger is not completely eliminated. Nationalized banks like State Bank of India, Canara Bank, Punjab National Bank as well as private banks including HDFC Bank, ICICI Bank and Axis Bank offer safe deposit locker facilities. Even if you take locker facility from another financial institution or a private locker service, you should be aware of the risks involved.
Banks do not take responsibility for any loss of locker. According to the Reserve Bank of India, as per the Locker Renter Agreement, banks are exempted from any liability in case of natural calamities, any negligence on your part and other force majeure circumstances.
2- Bank Locker Rent, Compare
Whichever bank or financial institution you are availing the locker facility from, you should first compare their rental charges. Bank locker rental charges range from Rs 1,000 to Rs 10,000 per year. Some banks charge additional fees for trips beyond the prescribed annual limit. Whenever you choose a bank for locker facility, get complete information about such possible costs before making your final choice.
3- The closer the locker facility is, the better.
While buying a locker, keep in mind that the closer it is to home, the better. If important documents and jewelery are kept somewhere far away then choose the nearest bank. If you have to frequently take out and keep things from the locker, it would be better if the locker is nearby. So that you do not face the risk of theft or robbery while carrying your belongings from the locker to home.
4- Rules related to locker fine, timing
If you have lost the key and tried to break the locker after losing the key, you may have to face financial penalty. Therefore, keep the key safely. It is important that you are aware of the rules for locker use. What are the timings of the bank branch where your locker is, usually these timings are from 10 am to 6 pm and they have limited services on Saturdays. But change is possible in this.