What is Bank Locker?
As part of its service, your bank can provide a safe deposit service to its customers. These boxes or lockers, as they are formally known, are available in different sizes depending upon the contents that would be placed in the lockers, the demand from customers for various types of lockers, and the price or rent that you charge.
Generally, safe deposit lockers are boxes that are in an iron-gated room with well-equipped emergency alarm systems, surveillance systems, and security guards. Moreover, two people own the locker when opening, first you and your bank.
Now Andhra Bank & Corporation Bank were amalgamated with Union Bank of India with effect from April 1, 2020.
Here let’s check out the Andhra Bank locker charges along with locker size. However, before going ahead, let’s talk about the T&C of the locker.
What is the Term and Condition of the Andhra Bank Locker?
- New– The liability of banks will be limited to 100 times its annual rent in case of fire, theft, building collapse, or fraud by bank employees.
- New – As per the RBI guideline, Banks are allowed to obtain a TD (i.e. Term Deposit), at the time of allotment, which would cover 3 years’ rent and the charges for breaking open the locker in case of such eventuality.
- New – Safe deposit locker holders will need to execute a new locker agreement with the bank in order to be eligible for the new pay.
- New – Banks to advise before the day’s end, by sending an email and SMS alarm to the client’s enlisted email address and mobile number as a positive affirmation, educating them regarding the date and season of the locker activity, as well as the redressal system accessible in case of unapproved locker access.
- Rental depends on the size of the lockers & the location of the branch.
- The Safe Deposit Locker cannot be allotted to minors either singly or jointly with others.
- In case the locker remains unoperated for more than 1 year, the bank has the right to cancel the allotment of the locker and open the locker even if the rent is paid regularly.
- Allotment of lockers is on a first-come-first-served basis. For this reason, a waitlist is maintained.
- Loss of key should be immediately informed to the Bank’s Branch. The bank shall not be responsible for any loss. Charges for opening the locker, replacing the lost key, and for changing the lock shall be payable by the Renter.
- Always keep the bills & proof of your gold and valuable items.
- Keep a record of your valuable items and gold to claim the compensation.
- KYC documents
- Passport size Photograph
- Current or Savings account
- Security Deposit
Andhra Bank Locker Size
|Locker Size (inches)||Type|
|05x06x21 – SMALL||A|
|05X07X21 – SMALL||B|
|12X16X21+ – LARGE||H & H1|
|16X20X21+ – VERY LARGE||L & L1|