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?
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Need info about lockers in Banks
- Thread starter moindear
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- Replies 14
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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.
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. 😀 the demand is so much 😀
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:
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....
i suppose they have the rights to open a locker if they are suspicious of anything illegal going on. as for bombs, of course you are scanned for explosives etc at the entry point of the bank. maybe not in all banks. but they should have appropriate measures in place. i might be completely wrong about this but i do not think bank employees are supposed to be present when you are putting stuff in or out of your locker. 😕 my experience is largely based on movies as i have personally never handled a bank locker 😀 maybe i am talking about swiss bank lockers 😀 and indian lockers might have totally different regulations in place! others might have a better idea.
IndianMascot
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My father is a bank manager....So, what I have seen, there is no scanning at all.....and no strict rule that employees should not be present.....coz most of the lockers are in the cash vault....so a guard is always present....
:001tt1: Bank Manager. So here moindear have reference 😉
On topic : raman is absolutely correct . My dad have a locker and it operates similar way as illustrated above.
:001tt1: Bank Manager. So here moindear have reference 😉
On topic : raman is absolutely correct . My dad have a locker and it operates similar way as illustrated above.
ha ha ha.....well then anyone can plant even a bomb inside that locker.....they might have some duplicate key....
That is why they give lockers only to customers having a bank account with the same branch. So KYC document check is taken care of.
i might be completely wrong about this but i do not think bank employees are supposed to be present when you are putting stuff in or out of your locker. 😕
You are correct. Bank employee is supposed to insert his key in your locker along with your key and then the lock opens. Before opening the door, he is supposed to leave the room. If he/she doesn't then you can ask them to leave or move away and look in other direction.
Now a days only way to get a locker is to approach a private bank branch as soon as it is opened. Old PSU banks sometimes put a "Lockers available" banner outside their branch when they have too many vacant lockers available. That is when one should take the locker even if it is not needed immediately.
Also for those storing currency notes or documents in lockers, please put these things in multiple plastic bags to make them water proof. Lockers that are located in basements are prone to flooding from sewers located near bank building.
That is why they give lockers only to customers having a bank account with the same branch. So KYC document check is taken care of.
i might be completely wrong about this but i do not think bank employees are supposed to be present when you are putting stuff in or out of your locker. 😕
You are correct. Bank employee is supposed to insert his key in your locker along with your key and then the lock opens. Before opening the door, he is supposed to leave the room. If he/she doesn't then you can ask them to leave or move away and look in other direction.
Now a days only way to get a locker is to approach a private bank branch as soon as it is opened. Old PSU banks sometimes put a "Lockers available" banner outside their branch when they have too many vacant lockers available. That is when one should take the locker even if it is not needed immediately.
Also for those storing currency notes or documents in lockers, please put these things in multiple plastic bags to make them water proof. Lockers that are located in basements are prone to flooding from sewers located near bank building.