Which is the best Bank Locker?

A Bank Locker or a Safe Deposit Locker holds your valuables but is it value for money? Consumer VOICE Experts have given a bank locker charges comparison and also compared popular bank lockers or safe deposit lockers on the basis of overdue penalty, no. of free visits and more to find out the best bank locker for you.

Bank Lockers Studied :   PNB, SBI, Union Bank, Syndicate Bank, Indian Overseas Bank, Bank of India, Axis bank, Federal bank, Citibank

Overview

The general perception is that bank lockers are the safest place to keep one’s valuables, due to their high-end security systems. Yet, considering that incidents of bank robberies or natural calamities cannot be guaranteed against, who is ultimately responsible for the safety of your assets? Well, the process is as easy as opening a bank account. Request in writing for a bank locker of the size you need; request to see the available locker cabinets to know the depth of the locker you wish to hire; sign an agreement for locker hiring; open a bank savings account to deposit locker rent and locker deposit; and obtain the key to your allotted locker, after which, as per your convenience, you keep your valuables, documents, etc., in the locker. You must also know RBI guidelines on bank lockers and few tips for hiring a locker

Earlier, banks used to let out lockers as a favour to high-end customers who were otherwise dealing with the bank in matters of deposit/loans/remittances. During the latter part of the 1970s, after nationalisation of private banks, banks were looking to increase their customer base while exploring ways of accruing fee-based income to boost profits. This pursuit of additional business threw up a slew of public utility services such as issuance of letters of credit and guarantees and hiring out bank lockers.  

Bank Lockers STUDIED

 
  • PNB
  • SBI
  • Union Bank
  • Syndicate Bank
  • Indian Overseas Bank
  • Bank of India
  • Axis bank
  • Federal bank
  • Citibank

PARAMETERS STUDIED

 
  • Rent: Urban/semi urban/rural
  • Overdue penalty
  • No. of free visits

 

 

  • Locker-key deposit
  • Registration charge for locker enrolment
  • Consumer feedback

 

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