Bank lockers: How to find the best vault for your valuables

Although banks take security measures to protect lockers, it’s crucial to understand that there are hazards involved when you commit your possessions to a third party.

Bank lockers are usually said to be a safe and easy way to store valuables. Nationalised banks such as State Bank of India, Canara Bank, Punjab National Bank as well as private banks including HDFC Bank, ICICI Bank and Axis Bank offer safe deposit locker facilities.

It is always advisable to exercise caution and alertness while entrusting your possessions to outside parties, including banks. You should be aware of the risks involved and take safety measures before leasing a bank locker to protect your belongings.

Bank locker rental charges range from Rs 1,000 to 10,000 per annum, and yet often have risks that customers can overlook.

The financial commitment is justified by banks under the guise of a lessor-lessee relationship, but the fine print in the agreement absolves them of accountability for locker contents in certain scenarios.

Here are some key aspects to consider before renting a bank locker.

Proximity

If you are moving goods across large distances, think about selecting a bank nearby. If you have to shift valuables often, it’s better to avoid long commutes. This reduces the chances of theft while transporting your valuables.

Access

A few banks charge an additional fee for the number of locker visits above a yearly limit. Get information about the possible costs before making your final choice. Take into account how frequently you need to visit the locker. Verify that the bank's policies meet your needs so that you can easily access your possessions without paying more.

Also read | India doesn’t have enough bank lockers to cater to the rising demand: Aurm Report

Hours of operation

It is critical to know the bank branch’s hours of operation. These can change, although they usually are 10 AM to 6 PM on weekdays and have limited services on Saturdays. Bank lockers may have further restrictions on operating timings within these working hours.

Also read | Hiring a bank locker? Here's a checklist of what you should know

Penalties for misplaced keys

Breaking into a locker after losing your key could result in financial penalties. This highlights how crucial it is to keep the key safe in order to prevent incurring additional expenses. Take precautions to guarantee key safety and security, such as keeping it in a specific, safe place at all times.

Bank liability in case of loss

It’s important to know that banks do not bear responsibility for any locker losses. Locker rental agreements specifically release banks from liability for natural catastrophes, any negligence on your part, and other unpredictable circumstances, according to the Reserve Bank of India.

Although banks take security measures to protect lockers, it’s crucial to understand that there are hazards involved when you commit your possessions to a third party.

Simply save podcast | Want your bank locker to be safer? Don’t ignore the new locker agreement

Considerations for insurance

Although there might not be any particular insurance cover for things kept in bank lockers, homeowner policies might provide this. Insurance protects your finances in the event of unanticipated circumstances, which makes it a wise investment to maintain the worth of your most important items.

It takes a great deal of knowledge and prudence to entrust your possessions to others for safekeeping. Always feel free to contact your bank’s customer service with any questions or concerns you may have regarding the aforementioned suggestions.