Bank safe deposit lockers are a good option for safeguarding your valuables and documents. Here are things to keep in mind before acquiring one.
How Does It Work?
Each locker has two sets of keys--one for the customer, the other with the bank--and it can be opened only if both are used. It is better to own a locker jointly and name nominees.
How Much Does it Cost?
Lockers come in different sizes and the annual rent varies accordingly. Banks are also allowed to recover charges to break open a locker and a service charge of Rs 500, if you lose your locker keys.
Are Your Jewels Safe?
According to the RBI, banks are, in no way, responsible or liable for the contents kept in the locker. However, the RBI mandates banks to have the best-in-class security arrangements.
Do You Need 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.
Compensation Calculations
Banks are not responsible for loss from natural calamities or even a terrorist attack. But they can be held responsible for not providing adequate security or basic maintenance.
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