What is Locker Facility in 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 is known as a safe deposit locker.
The locker’s size can be chosen according to need and the rent.
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, there are two people who own the locker when it opens, first you and your bank.
In this article, I’m going to discuss the Locker Charges in ICICI Bank and Axis Bank.
However, before going ahead, let’s talk about the safety of the locker.
Are You Thinking Bank Lockers are Safe?
Banks have no liability for loss of valuables in lockers.Reserve Bank of India
The bank is not liable for the loss of valuables in your locker due to theft, robbery, etc.
In other words, as the bank is not aware of the contents of a locker, it is not responsible for any loss caused due to theft or natural calamity.
However, what will happen to your gold then? Who will pay for the losses? These are the queries, which we generally ask before going to any bank. Therefore, we are here to guide you.
- If a condition, you find that banks are responsible for their loss of valuables or damage to lockers or theft, and they are not paying the compensation, then you can approach the NCDRC i.e. National Consumer Redressal Commission.
- Always keep the bills of your jewellery and valuable items as proof.
- To avoid any litigation process always read the terms and conditions carefully. However, keep a record of your valuable items to claim the compensation.
- Generally, Banks do not provide any locker insurance to their customers. However, there are many general insurance companies like Tata AIG, IFFCO Tokio General Insurance, etc., which have started to provide Bank Locker Protection Policy under their home insurance products.
- The Gold insurance policy offers a sum insured from 2L to 50L and above.
- Before going for any insurance policy don’t forget to take the advice of your financial advisor.
Common Terms and Conditions in 2022-23
- Rental depends on the size of the lockers & location of the branch.
- Annual rental is payable in advance. In addition, one-time registration charges are also payable.
- KYC(Know Your Customer) norms are applicable for locker hirers.
- Annual or monthly rent collected will NOT be refunded to the customer on surrender.
- Operation in the Deposit Locker will be stopped if rent is not paid on the due date.
- The Bank reserves the right to revise the rentals amounts and existing Renter/s shall be given notice of revised rentals amount and their effective dates through the branch notice board and/or the bank’s website.
- 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.
- 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 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.
Document Required for Locker Facility
- KYC documents
- Passport size Photograph
- Current or Savings account
- Security Deposit
- In case of Locker Custody with 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.
Locker Charges in ICICI Bank
Firstly, let us look at the key features & benefits of ICICI Bank’s Locker.
- The wide availability of lockers in various sizes and at various branches.
- Extended working hours for accessing lockers.
- The minimum period for renting out a locker is 1 year.
- Eligibility – Individuals, Limited companies, Associations, Clubs and Trusts.
- A nomination facility is available. In addition, hassle-free payment option via standing Instructions.
Annual Locker rentals:
|Location||Locker Size||Rentals starting from (approximate)|
Rental depends on the size of the lockers & location of the branch.
Terms and Conditions for ICICI Bank Locker
ICICI Branches with Locker Facility
How to Get Locker in ICICI Bank?
Time needed: 5 minutes.
Follow the steps given below for getting the Locker in ICICI & Axis Bank
- Locker facility
Firstly, a locker facility is offered at select branches and allotment of lockers are subject to availability.
Lockers can be hired by an individual (Singly or jointly). However, He / She must be a customer of the branch, having a Saving or Current account.
- Locker Availability
The bank branches will maintain a waitlist for the reason of the allotment of lockers and ensure transparency in the allotment of lockers.
- 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.
(Check the Locker Charges in ICICI Bank)
After that, a copy of the signed Locker Agreement and allotment letter will be given to the Locker hirer(s) with an acknowledgement from the hirer.
Locker Charges in Axis Bank
Annual Locker rentals:
|Location||Locker Size||Rentals starting from*|
(applicable GST extra)
- Registration charge – Rs.1000 + GST.
- A number of free locker visits – 3 per calendar month, post which Rs100 + GST applicable per visit.
- Late payment penalty – @2.5% per month up to a maximum of 25% will be applicable.
*Registration and locker visit charges are not applicable for Burgundy / Burgundy Private customers.
How to Get Locker in Axis Bank?
You can easily select the locker size of your choice using the Axis Mobile app and book it sitting at home online.
In other words, Download the Axis Mobile app to choose and book a locker or you can also visit your nearest Axis Bank branch.
The Bottom Line
Always try to get a locker either close to your home/workplace so that you can use it within banking hours.
In other words, no matter what anyone says, lockers are a safer option for storing your documents or jewellery and not keeping them at home.
In conclusion, If you can’t find a locker in your place, keep track of new branches opening in the place and you will stand a chance there.
Source – ICICI Bank & Axis Bank