About Hir­ing a Locker in a Bank

What you need to know and do

Consumer Voice - - Contents - – Subas Ti­wari & Gopal Ravi Ku­mar

What you need to know and do

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 (re­mem­ber the 2014 fire that en­gulfed one of In­dia's lead­ing banks in Chen­nai – for­tu­nately the locker cab­i­nets es­caped the fire), who is ul­ti­mately re­spon­si­ble for the safety of your as­sets? What do the laws of the land say in such mat­ters? What are the op­tions avail­able to the con­sumer and what all as­pects must they weigh when opt­ing for a bank locker? What are the var­i­ous ways in which they can min­imise or make good their loss should un­fore­seen in­ci­dents hap­pen? These are the as­pects that we have sought to ad­dress in this ar­ti­cle for the ben­e­fit of con­sumers who put their valu­ables and cash in bank lock­ers while pay­ing the an­nual locker charges.

To be­gin with, how does one hire a bank locker? 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.

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