Bank of India Locker Charges
The bank’s locker relieves you of all your safety concerns regarding your valuables.
Bank lockers are one of the most important facilities offered by a bank. Bank Lockers are also known as Safe Deposit Locker in India.
These lockers come in different sizes-small, medium, large, etc. However, it depends on the branch location.
The charges depend on the size of the locker and the bank branch you opt for.
In this article, I’m going to discuss the Bank of India Locker Charges in 2023.
However, before going ahead, let’s talk about the conman terms and conditions of the BOI locker.
What are the Rules of the Bank of India 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.
- The annual rental is payable in advance.
- Rental depends on the size of the lockers & the location of the branch.
- One-time registration charges.
- KYC (i.e., Know Your Customer) norms are applicable for locker hirers.
- The Safe Deposit Locker cannot be allotted to minors either singly or jointly with others.
- A nomination facility is available.
- 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.
- Annual or monthly rent collected will NOT be refunded to the customer on surrender.
- Allotment of lockers is on a first-come-first-served basis. For this reason, a waitlist is maintained.
- Operation in the Deposit Locker will be stopped if rent is not paid on the due date.
- 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.
How Safe are Bank of India Lockers?
- As per the RBI – Reserve Bank of India guidelines, “Banks have no liability for loss of valuables in lockers”. This means for any mishap like bank robbery, sudden fire, or any natural calamity banks are not liable to pay their customers any compensation.
- The agreement itself does not mention any liability payment. So, it is all customers’ responsibility to take care of their valuable items by doing the insurance.
- Any Banks do not provide any locker insurance to their hirer(s). Only private insurance companies can help customers with insurance policies.
Also Read Are You Thinking Bank Lockers are Safe?
Document Required for Locker Facility
- KYC documents
- Passport size Photograph
- Current or Savings account
- Security Deposit
- In the case of Locker Custody with survivor-ship clause, the bank will demand only the following papers:
Copy of Death certificate (duly certified from original).
Duly filled in the claim application in the prescribed form.
Stamped receipt for discharged safe custody receipt/Locker.
Locker Size Dimensions
| Locker Size (inches) | Type |
|---|---|
| 05x06x21 – SMALL | A |
| 05X07X21 – SMALL | B |
| 05X13X21 -MEDIUM | C |
| 07X09X21- MEDIUM | C |
| 13X07X21- MEDIUM | F |
| 06X16X21- MEDIUM | E |
| 11X13X21- LARGE | F |
| 07X20X21- LARGE | G |
| 12X16X21+ – LARGE | H & H1 |
| 16X20X21+ – VERY LARGE | L & L1 |
Also Read Bank of India Locker Charges in 2023 – How Can I Get Locker in Bank of India?
Bank of India Locker Charges in 2023
| Location | Size & Locker Charge |
|---|---|
| Safe deposit lockers (Metropolitan & urban) | A – 1100/- B – 1300/- C – 2600/- D – 2500/- E – 2800/- F – 6000/- G- 6000/- H – 6000/- H1 – 2800/- L – 8000/- L1 – 8000/- |
| Safe deposit lockers (Semi-urban & rural) | A – 900/- B – 1000/- C – 1700/- D – 1500/- E – 2200/- F – 5000/- G – 5000/- H – 5000/- H1 – 1800/- L – 7000/- L1 – 7000/- |
| ——————————— | |
| One-time locker registration Rs. 500 + GST Large and extra-large lockers: Rs. 1000+GST | |
| Locker visit charges 12 visits free. Thereafter: ₹100 /- + GST per visit | |
| Locker rent overdue charge (All sizes) 1. Upto First Quarter: 10% of Annual Rent 2. Upto Two Quarters: 25% of Annual Rent 3. Upto Three Quarters: 40% of Annual Rent 4. Upto Four Quarters: 50% of Annual Rent 4. More than One Year: 100% of Annual Rent. | |
| Loss of Key/Drill Rs.750/ + Actual Charges | |
| All the hirers as under: 2. Where Annual Locker Rental is up to Rs.1000/: Rs.40/- per month or part thereof. 2. Where Annual Locker Rental is Rs.1000/- & above: Rs.60/- per month or part thereof. |
Rentals may vary between branches under the same location. Please check applicable rentals via Internet/Mobile banking or by visiting the branch.
Also Read Locker Charges in HDFC Bank & Kotak Mahindra Bank | How to Get Locker?
How Can I Get Locker in the Bank of India?
Time needed: 5 minutes
Follow the steps given below for getting the locker in Bank of India
- Locker facility
Bank of India Locker facility is offered at select branches and allotment of lockers is subject to availability.
- Online Application for Locker Request
Bank of India branches will maintain a waitlist for the reason of allotment of lockers and ensure transparency in the allotment of lockers.
Click here to check the vacancy without login. - Track Status
Click here to track your locker’s request.
- Allotment of the Locker
The locker will be allotted on a first-come-first-served basis and a separate register will be maintained.
All requests received for allotment of the locker will be acknowledged and given a waiting number.
The hirer(s) will be required to open a special kind of Term Deposit at the time of allotment that would cover three years’ rent and the charges. - Agreement
A copy of the signed Locker Agreement and allotment letter will be given to the Locker hirer(s) with an acknowledgment from the hirer.
Icon & Source – Bank of India