Banks, whether public sector or private sector, provide locker facilities to the customers. In return, fixed charges have to be paid to the bank. However, there are some rules that it is in your best interest to know about.
Bank Locker Rule: Bank lockers are a popular option when it comes to keeping valuables safe. Bank locker provides a safe and controlled environment for your valuables. All banks, whether public sector or private sector, provide locker facility to the customers. In return, fixed charges have to be paid to the bank. However, there are some rules that it is in your best interest to know about. There have been some changes in the rules in banks in recent times. In such a situation, it is important to stay updated. Come, let us understand the important things and provisions related to this.
KYC is necessary
While applying for a bank locker, you are required to complete the KYC process in the bank. Without this, banks do not give permission for locker. Due to KYC, the details of the customer renting the locker are available and he gets information about the same when he accesses the locker. This maintains transparency.
Locker Size and Type
Banks offer lockers as per your needs and availability. Always keep in mind that choose the locker which suits your needs.
It is necessary to have a nominee
Banks have made it mandatory to name a nominee who can access the locker in the absence of the customer. With this, access transactions can take place without any hassle.
Locker rent
Whenever you are applying for a bank locker, be sure to understand the payment frequency and rental charges for the locker. Also understand the policy of locker rent and timely payment from the bank.
Agreement is important
Before getting a bank locker, you have to sign an agreement with the bank. This agreement should be on non-judicial stamp paper. This document contains essential conditions. You should read it thoroughly. The agreement should specify locker access procedures, access times and identification. It should also be for how long the locker is valid.
Alert for locker access
Banks have adopted several security standards to protect the items kept in your locker. According to Unity Small Finance Bank, these include biometric access, CCTV cameras and log records. You should remain alert about any suspicious activities or unauthorized access. If you suspect anything, inform the bank immediately.
Compensation in case of theft or fire
Most banks, along with the safety of the locker, also offer insurance on the contents of the locker. This insurance protects the items kept in the locker in case of theft or fire. Therefore, understand the insurance coverage thoroughly.
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