Locker Charges in HDFC Bank & Kotak Mahindra Bank | How to Get Locker? | 2023

Locker Charges in HDFC Bank & Kotak Mahindra Bank

Most bank branches offer the facility of lockers to keep valuables such as documents or jewellery securely.
An ideal place to hire a locker would be the nearby bank branch where one has a savings or current account.
Usually, this locker knows as a safe deposit locker.
In this article, I’m going to discuss the HDFC Bank Locker Charges and Kotak Mahindra Bank Locker Charges in 2023.
However, before going ahead, Let’s talk about the Safety of the locker.
Most of us like to keep our valuables in bank lockers and not home safes. But how safe are bank lockers?

Read Are You Thinking Bank Lockers are Safe?

Common Terms and Conditions in 2023

1. 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.
2. 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.
3. New – Safe deposit locker holders will need to execute a new locker agreement with the bank to be eligible for the new pay.
4. 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.
5. Rental depends on the size of the lockers & location of the branch.
6. Annual rental is payable in advance. In addition, one-time registration charges are also payable.
7. KYC(Know Your Customer) norms are applicable for locker hirers.
8. Safe Deposit Locker can not be allotted to minors either singly or jointly with others. However, a nomination facility is available.
9. Generally, the Allotment of lockers is on a first-come-first-served basis.
10. Operation in the Deposit Locker will be stopped if rent is not paid on the due date.
11. Loss of key should be immediately informed to the Bank’s Branch. In other words, 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.

Document Required for Locker Facility

1. KYC documents.
2. Passport size Photograph.
3. Current or Savings account.
4. Security Deposit.
5. In case of Locker Custody with a survivorship clause the bank will demand only the following papers:
   1. Copy of Death certificate (duly certified from original).
   2. Duly filled in the claim application in the prescribed form.
   3. Stamped receipt for discharged safe custody receipt/Locker.

Also Read Locker Charges in SBI, Bank of Baroda(BoB), Punjab National Bank(PNB) & Canara Bank | Yearly Charges | T&C

HDFC Bank Locker Charges & Features

• HDFC Lockers Branches are equipped with high-security features and specially built strong rooms.
• The locker facility is available in over 2500+ branches in India. In addition, wide availability of lockers in various sizes and at various HDFC branches.
• Hassle-free payment options via your HDFC Bank savings/current account. Extended banking hours for accessing lockers.
• Nomination on lockers enables the branch to release the contents to the nominee of the person hiring in the event of their death. However, If a locker is held jointly, and one of the people hiring dies, the contents can only be removed jointly by the nominee(s) and the survivors.
• The nomination facility is available. However, For this hiring on an individual basis, nominations can be made in favour of one individual.

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Annual Locker rentals (in Rs.) :

• Request you to visit the locker branch for a locker visit and security deposit charge.
• Locker rates vary based on the location of the branch and locker sizes.

Also Read Locker Charges in ICICI Bank | Axis Bank

HDFC Bank Locker Application Form

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T&C for HDFC Bank Locker

• To facilitate easy and hassle-free locker rent recovery, HDFC bank recommends that a Savings/Current account be linked to the locker.
• The Locker holder is permitted to add/update/remove names from the list of persons who can operate the Locker or have access to it.
• Loss of key should be immediately informed to the Bank’s Branch. In other words, 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.
• In case of Locker Custody with a survivorship clause the bank will demand only the following papers:
  Firstly, a copy of the death certificate. Secondly, duly filled in the claim application. Thirdly, and most importantly, a stamped receipt for discharged safe custody receipt/Locker.

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Locker Charges in Kotak Mahindra Bank

• Request you to visit the locker branch for a locker visit and security deposit charge.
• Locker rates vary based on the location of the branch and locker sizes.

Also Read RBI IINSS-C Bonds Inflation Indexed National Savings Securities-Cumulative

How to Get a Locker in HDFC Bank or Kotak Mahindra Bank?

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Source – HDFC Bank & Kotak Bank