Many of us want to use a bank locker to keep precious items like jewellery and essential documents secure. Experts recommend considering taking the locker facility at your nearest bank branch. That being said, often you can find that there is no locker open for the bank in that specific aspect since they have already been used. Considering such a case, you should enroll yourself with the bank’s locker hold queue if you wish to open the locker in that same branch. Banks are required to maintain a waitlist for the allocation of lockers, as per the RBI regulations. The bank should accept each application received for the allocation of a locker and include a waitlist count.
Tips to get a bank locker quickly
- On a first-come-first-serve premise, the locker facility is offered. Though you become entitled to it if someone surrenders their locker facility and your name is on the queue there.
- You do not need an account with the bank to make use of the facility. Banks usually request you to open, together with the locker facility, a fixed deposit (FD) with them.
- RBI provisions permit banks to request investors to access a fixed deposit equal to a lease of three years and, in case of any possible scenario, deposit fees to break the locker. A credential of the FD to be maintained as a security deposit will be provided by the bank. To alter the lease to the interest accrued in the FD, you can grant the standing instructions to the bank.
- You are mandated to regularly run the locker or the bank can revoke the allotment and unlock the locker, regardless of whether or not you have settled the rent. The bank will, though, provide a request first.
- The locker must be run at least once every three years by customers identified as having a medium-risk category, whereas high-risk customers must run it at least once in a year respectively.
- Based on different criteria such as financial or social standing, type of business activity and location of customers, banks rank their customers into multiple risk groups from low to high.
Availability of bank locker facility
In the first come, first served framework, the lockers will be assigned to the customers exclusively. At the period of purchasing the locker, the bank would collect a minimum security deposit from the leaseholder in the form of FDR for the amount that will cover 3 years of lease and, in case of such contingencies, the fees for breaking open the locker. An example of SBI for which you can check the availability of a locker facility is taken below.
How to confirm SBI Locker availability online?
SBI also provides safe deposit vault or locker services at a wide number of branches for the security of your valuable items. There is a minimal annual fee, which relies on the locker’s size and the location where the branch is situated. Customers of SBI should verify online availability of locker and check online which locker service is given by the nearest branch. For the fiscal year, the rent is due in advance. The locker acquirer can be presented with a copy of the locker arrangement regarding the use of the locker at the time of locker allocation. If you still want to avail the SBI locker service, you can check for the protected accessibility of SBI portal and find certain branches where this facility is open.
Steps to check SBI locker availability using SBI YONO app
- Open the SBI Mobile Banking app and tap More, then tap and open the option where you can find eLocker:
- Now confirm your state, district, PIN and then tap on ‘Submit’
- On the next screen, you can see your branch details where the locker facility is available.
- Tap on the branch name for more details, and you will get locker availability specifics…Read more>>