About Hiring a Locker in a Bank

What you need to know and do

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.