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Discover how to apply for a bank locker to securely store valuables. Learn about forms, agreements, and rental fees at your nearest branch.
Here’s how you can apply for a bank locker at nearby branch.
(Representative/PTI)
Whether it’s precious jewellery, property documents, title deeds or emergency cash, a bank locker offers a secure place to store your most valuable assets and shields them from the risks of keeping them at home. If you don’t already have a locker and are considering getting one, it is important to first understand the steps involved in applying for one at your nearest bank branch.
How To Get A Bank Locker
The locker is provided by your bank at its select branches and is available in various sizes – small, medium, large and extra large. The locker can be hired individually or in collaboration by two or more entities. A waiting list register is maintained by the banks for locker allotment. It is handed over on a first-come, first-served basis. It is advised to keep in mind the location and ease of transaction before opting for a locker.
Application: For the application, you need to fill and submit a form provided by the bank, while also completing any KYC formalities that might be remaining. Provide all the necessary documents to the bank.
Agreement: The person or group hiring a bank locker will have to sign an agreement known as the “memorandum of letting.” This formally establishes that you will abide by the bank’s terms and conditions.
Collateral: Banks require you to sign up for a current or savings account at the branch where you’re looking to open a locker. Some demand that you make a fixed deposit that covers rentals for a period of three years.
Rent: Banks charge a nominal rent to open and maintain a locker. This amount varies depending on the size of the locker or the branch location and is charged annually. The rent for hiring a locker can be paid in advance.
Other Details: Banks do not permit the allotment of lockers to minors, either individually or jointly with others. Additionally, when hiring a locker, the applicant must provide a standing instruction to debit the locker rent directly from their bank account on the due date. This ensures timely payment and eliminates the hassle of issuing cheques manually.
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Delhi, India, India
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