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Bank Safety Locker
Bank safe deposit lockers are a good option for safe guarding your valuables and documents
1 How does it work?
Just as you trust a bank with your money in the savings accounts or fixed deposits, safe deposit lockers offer the best option to safeguard your valuables, including jewellery, cash and important documents. Banks must allot lockers on a first come, first serve basis. If none are available, the bank branch needs to maintain a waiting list and provide the applicant with a waitlist number. It must also inform the customer when it is available. Each locker has two sets of keys—one for the customer, the other with the bank—and it can be opened only if both the keys are used. It is better to own a locker jointly and name one or more nominees. This ensures hassle-free transfer of contents in the event of the death of either or both account holders. Most importantly, read the guidelines on lockers thoroughly.
2 How much does it cost?
Lockers come in different sizes and the annual rent varies accordingly. The State Bank of India charges 1,019 per year for a small locker, 2,547 for medium, 3,056 for large and 5,093 for extra large lockers. In private banks, the charges are steeper. Citibank charges 2,500 for the smallest locker and it goes up to 40,000 for the best facility on offer. There is a one-time registration fee as well. The SBI charges 509, but it varies across banks. Banks also charge rent overdue charges of 10-50% of the annual rent. There are rules on the number of visits in a year as well. For example, the SBI allows 12 free visits a year and charges 51 for extra visits. You must, however, visit your locker from time to time. Banks are also allowed to recover charges to break open a locker and a minimum service charge of 500 over and above the actual expense, if you lose your locker keys.
3 Is it safe?
According to the RBI, banks are, in no way, responsible or liable for the contents kept in the locker, even in the case of theft, burglary or similar unforeseen events. However, it still remains the safest bet as the RBI also mandates banks to have the best-in-class security arrangements to safeguard customers' interests. The quality of lockers is also the best in the market and undergoes rigorous safety tests and are fire-resistant. In spite of all precautions, there have been reported break-ins or termite attacks in banks, but the incidents are few and far between.
4 Do you need to have an account?
The RBI says banks cannot deny the locker facility to those who are not customers. However, banks can ask for a caution deposit of up to three years of a locker's rent, plus charges, to break open a locker in emergencies, along with the relevant service charge. For example, if you pay an annual rent of 1,019, banks can ask you to open an FD for 4,066 ( 1,019 x 3 + 509 service charge + 500 breaking charges). In reality, though, banks make it mandatory to open a savings bank account on the pretext of getting your KYC done. Some even force you to open a FD, or miss-sell high-cost Ulips or insurance plans. This is in violation of RBI norms and you can lodge a complaint with the apex bank.
5 How much compensation can you get?
Banks are not responsible for the contents of the locker. In case of natural calamities, including an earthquake or flood, and even in the case of a terrorist attack, where your locker contents are destroyed or lost, banks can easily wash their hands off the compensation. Even in case of a break-in or a termite attack, banks can argue that since they have no knowledge of what you had stored in the locker, they cannot compensate you. However, they can be held responsible for not providing adequate security or lack of basic maintenance. So, you could receive some compensation if you move the court.
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