Keeping valuables, such as jewelry, and important documents safe, many of us like to have a lock on the bank. We prefer to take the place of the locks at the branch nearest to home. However, sometimes you may find that the bank does not have a lock available at that particular branch as it may have already been taken.
In that case, if you want to lock the lock on that particular branch, you can sign up for a bank locker waiting list. In accordance with RBI regulations, banks are required to maintain a waiting list for lock allocation. All requests for lock allocation must be approved by the bank and provided with a waiting list number.
Lock location is provided by priority. Therefore, if someone drops his locker and your name is on the waiting list, you are eligible.
For help, you do not need to have an account with a bank. Banks generally ask you to open a fixed deposit (FD) with a lock.
The RBI’s regulations allow banks to require depositors to open a fixed deposit equal to three years’ rent and lock-in cases in the event of an incident. The bank will provide FD approval to be kept as a security deposit. You can give the bank stop orders to adjust the rent compared to the interest earned on FD. You need to use your lock regularly or the bank may cancel the assignment and unlock the lock, whether you have paid the rent or not. However, it is to be noted that the bank will first send a notice.
Customers classified as having a medium risk profile should use the lock at least once every three years, and high-risk customers should use it at least once a year. Banks classify their customers into different risk categories from bottom to top depending on various parameters such as financial or social status, type of business activity and customer location.