Bank Locker in India
- Public sector banks may collect a sum as deposit from the customer for hiring locker. It is not mandatory to do so. But the interest on this deposit amount can be taken by bank as rent for using the locker facility.
- The KYC process is given importance when a customer wishes to use the locker facility. This is done as a part of safety since there are incidents where explosives were stored in bank lockers.
- The lockers are to be opened by the customer at least once in 6 months. If the locker is not opened for more than a year then there will be a notice issued to the customer for doing the same. If there is no response from the customer then, the bank has the rights to break open the locker in the presence of police in a legal manner. The same may be applicable in areas where the rent is not paid by the customer.
The lockers are available in different sizes and based on the needs, a customer can choose the size of his locker. The customer may also have to deposit some amount as security in the beginning. This may include the rent for locker for a period (say 3 years) and also an amount for emergencies when the bank has to break open the locker (say, if the customer has lost the key).
Nomination and/or joint ownership of a locker has become a mandatory priority while hiring a locker. The bank specifies the conditions where the customer who is hiring the locker will be given an option to mention a nominee for his locker. If there are joint holders then all the joint holders have to particularly mention the kind of ownership agreement they are getting into (like either or survivor, former or survivor etc).