These days, people have greater trust in banks. Generally, people believe that keeping money in bank accounts is safe.
However, people also turn to banks to secure valuables and documents, especially if valuable items are lost, or to secure items like gold and property documents.
In this context, let’s discuss the precautions for bank locker management. Banks only provide bank lockers to some. Customers must follow specific rules to get access to bank lockers.
A bank locker offers a secure place to store jewelry, important documents, and other valuables. Most banks provide lockers to their customers, but their availability varies.
Experts suggest selecting a bank with which you already have an account and is known for providing excellent service near your home.
Most banks require customers to open a savings or current account first and provide proof of identity and address, such as a PAN or Aadhaar card and a recent passport-size photograph.
After the locker is allotted, a unique key is provided to the customer while the bank holds the master key. Banks generally require a fixed or refundable security deposit in cash to allocate a locker.
The bank will provide a document detailing the terms and conditions for using the locker, and both parties must sign this legally binding agreement. Lockers are available in different sizes, subject to availability, and there may be a waiting period in some cases.
The rental cost of a locker depends on the location of the bank branch and the size of the locker, and additional fees apply for more than the permitted locker visits.
While bank lockers are generally considered safe, experts highlight they are not risk-free. Most banks explicitly state that they are not responsible for the contents of the lockers, so it’s advisable to get insurance for valuables.