What are the charges for keeping a bank locker? and are they really safe?

Most of us prefer to keep our valuables in bank locks rather than at home. The Reserve Bank of India (RBI) stated in 2017 that banks will not be liable for compensation if the contents of their keys are stolen or damaged as a result of a natural disaster. Determining that banks could not wash their hands of their customers’ lock-in operations, the Supreme Court ordered the RBI to issue regulations within six months authorizing bank action on the management of locks. The decision came after a complaint lodged by Kolkata resident Amitabha Dasgupta against the order of the National Consumer Disputes Redressal Commission.

Are bank lockers safe?

Bank locks are considered to be the safest place to store valuables, important documents, certificates, or valuables. Both public and private banks offer private lockers at an annual fee of Rs1,000 to Rs10,000 depending on the size of your choice. This should be safer than a home with all the many layers of security and monitoring they provide.

Bank locker charges

Renting a bank lock depends on its size and the bank branch you choose. For example, the State Bank of India (SBI) charges 500 1,500 and GST annually with a small lock (125x175x492cm) in urban and municipal areas, and in rural areas the same cabinet costs ₹ 1,000 and GST. The extra key on SBI can cost you ₹ 12,000 plus GST every year. You are also required to pay a one-time registration fee, depending on the size of the cabinet. SBI charges episode 500 simultaneous lock registration fee plus GST for small and medium locks while for large and large locks, you must pay ₹ 1,000 plus GST.

Bank locker key

When a person unlocks a bank lock, he needs to know that there are two keys to his lock. One key will be given to the person who opens the bank lock and the other will have a bank. It is very important that you pay attention to the key and do not throw it away. So what should you do if you lose your locks? You will be penalized and charged a double key or lock change. You cannot move your bank lock from one branch to another. You will have to uncheck it and open a new one if you wish to remove it.


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