If you are thinking of getting a locker in the bank, then just signing the papers is not enough. The small things written in the agreement are related to the safety of your money and valuables. If you do not read them carefully, you may have to suffer a loss later. Let us know the important things related to bank locker…
Locker rent and mode of payment
The annual rent of a bank locker depends on its size and the location of the branch in which it is located. This rent has to be deposited in advance for the entire financial year. After taking the locker, the bank also gives you a signed agreement copy, in which your rights and responsibilities are clearly written.
Keep an eye on additional charges too
Not just rent, there may be several other charges levied on a locker. Registration Fee: A one-time charge at the time of getting the locker, which includes paperwork and administrative expenses. Additional Visit Fee: A separate charge is levied if the locker is opened more than the prescribed number of times in a year. Late Payment Fee: The bank levies a penalty if the rent is not paid on time.
When the locker has to be broken
If the rent is not paid for a long period, the keys are lost, or the locker has to be opened at the customer’s request, the bank charges a ‘break-open’ fee. This includes charges for changing the lock and other procedures.
What happens if you lose your keys?
If you have lost the locker keys, the bank will charge you for changing the lock. This work is done only in the presence of an authorized dealer, and both the locker holder and the bank official are present.
Who is responsible for the loss?
If an incident like fire, theft, burglary, robbery or building collapse occurs in the bank premises due to the negligence of the bank, then the bank is responsible for it. In such a case, if the items in your locker are damaged or stolen, the bank will compensate you. For example, according to SBI rules, the bank will pay up to 100 times the annual rent as compensation.
Terms of Fixed Deposit
Some banks also take a fixed deposit while giving a locker. This deposit is to cover the rent for three years and the cost of breaking the locker, so that the bank does not incur a loss in case of non-payment.
