Need info about lockers in Banks

moindear

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My mom need to keep some valuables in the bank.Went into a branch of Axis bank for the info, he showed me various options with lockers.But at the end he stated something weird. He said that I need to take up some general insurance policy/policies if I want to take a locker.When I enquired further, he said that because there is a lot of demand they have put in a condition that only good customers will be given this privilege.Now he does not consider having Fixed Deposits in the bank as being a good customer.Just wanted to know what is the general criteria and is there really shortage of the so called lockers in banks...Which bank is better for locker facility?
 

Sushubh

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heh. i guess he is right. every bank has different criteria for lockers from what i know. when a new branch is opened, they are sort of liberal and it is easier to get a locker in your name. but an existing bank branch? it would be pretty hard to get an available unit. every branch can have only a limited number of lockers. the demand is much more than what the banks can supply. opening and expanding branches is not cheap. and with banking done through ATMs and online... it is becoming even more unfeasable to continue opening new branches in the same city. what i can suggest is check more bank branches in your locality. find out if they have available lockers... find the requirements and decide which bank provides the easiest way to get it. fact is, getting a locker is tough today. my mom is still operating the lockers that nani opened for her before her marriage.
 

moindear

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Man...thats scary.Need to search em again this weekend. I guess we need to open an account as well rite?Thanks for the update
 


Sushubh

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depends i guess. there is a yearly fee for operating a locker i think. so if you open a FD or a bank account or whatever they ask you to, they sort of cancels the charges. every bank branch is likely to have different rules depending upon the availability. in fact here in gurgaon, you probably need contacts to get a locker in popular bank branches. :D the demand is so much :D
 

ulysses

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Now that most banks (not only private but also Govt public sector banks) sell all kind of fee based products like insurance,it is quite understandable they say one has to buy some insurance if you want a locker.Earlier FD of 1 lakh or so was enough. You need to run around a bit. First go to all your existing Bank Branches (you and your mom's a/c's) and request them locker eiether in their branch or any near by branch in the city .They can see in the sytem.( I have a locker like that in a branch where I dont have a/c but go only for locker)Next (if you have say minimum 1 lakh FD capacity ready) go to all the banks in a 10-20 km radius one by one and tell them you want to open savings a/c with passbook + Fixed deposit . But you need a small/medium size locker ! You might get lucky since they have to achieve Deposit targets by March 31st! All the big sized lockers never get vacated. Mother to daughter. They store jewellry and even silver utensils. smallest size ( rent rs 700-1000/year) is enough to store property documents,small gold/diamong jewellery, Gold bars , foreign/local cash ( properly packed otherwise insects eat them off!!):Boy Thumb Up:
 


jalanbk

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If you have account in HDFC bank, go and put your name for Locker in waitlist. They maintain a waitlist and call persons from the waitlist as and when Lockers become available.
 

raman_286

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I have seen the papers which you have to sign before getting a locker......and if you read them carefully, you will come to know in any of the circumstances of loss of material stored, the bank will not be responsible.....I don't know why they charge fees when they can't take guarantee against any loss....
 

Sushubh

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from what i know about lockers, banks are not supposed to see/know what is inside the lockers. so they have to ensure that people cannot accuse them with false claims of loss of items from their lockers.
 

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