The Ad­van­tages

Consumer Voice - - Bfsi -

• In spite of the scep­ti­cism about bank lock­ers of­fer­ing full-proof safety, it is still the safest place to keep your valu­ables. Bank lock­ers are made of high-qual­ity, thick steel plates with screws fit­ted on them, mak­ing them dif­fi­cult to pen­e­trate. Closed-cir­cuit TVs (CCTV) are now a stan­dard part of the se­cu­rity sys­tem.

• Bank lock­ers come cheap for the space you hire, which is in­com­pa­ra­ble with any other al­ter­na­tive sys­tem.

• Bank lock­ers are se­cured by in­sur­ance cover against fire and other haz­ards.

• Locker-hirer(s) can nom­i­nate/ap­point a locker deputy to op­er­ate the locker in his/her ab­sence.

• Bank of­fi­cials do not see what is be­ing kept in the bank locker; they at best take a dec­la­ra­tion that the locker con­tents are not op­posed to pub­lic pol­icy. So the se­crecy of the cus­tomer is main­tained.

There Are Some Dis­ad­van­tages too

• One can op­er­ate the bank locker only dur­ing busi­ness hours of a bank – this re­stricts one’s free­dom to ac­cess the locker con­tents in case of an emer­gency.

• Nor­mally, banks charge locker rent in ad­vance for a spe­cific pe­riod (for example, for one year). In case the locker-hirer va­cates the locker in the mid­dle of the year, banks mostly do not re­fund the locker rent for the un­ex­pired (bro­ken) pe­riod.

• Banks usu­ally in­sist, al­beit orally, on one de­posit­ing a size­able sum as fixed de­posits to be held with them for a longer pe­riod for let­ting out a locker.

• Lock­ers are not avail­able at small/medium-sized branches in ur­ban/semi-ur­ban and ru­ral cen­tres, where the fear of theft is per­haps the max­i­mum due to their re­mote lo­ca­tion.

Newspapers in English

Newspapers from India

© PressReader. All rights reserved.