Bank Locker Update: Most banks require that you access your locker at least once a year. If you can’t do this, the bank will likely give you a notice. On the contrary, banks are allowed to open them following the procedures mentioned in the locker agreement. Let us know about it in detail.
Bank lockers can be used to keep property documents, jewellery, loan documents, savings bonds, insurance policies and other confidential items safe. The bank charges annual rent according to the size of the locker. A copy of the locker agreement governing its use is given to the locker hirer at the time of handing over of the locker. However, if you have a pass locker then you must keep some important things in mind…
Operate your locker once a year
Most banks require that you access your locker at least once a year. If you can’t do this, the bank will likely give you a notice. On the contrary, banks are allowed to open them following the procedures mentioned in the locker agreement. However, before taking such action, banks will give adequate notice to the locker hirers in case they become inactive. To prevent such scenarios a locker renter should use the locker regularly or at least once a year.
Bank locker safe
Locker size
Different people may have different requirements. Jewelery can take up more space than papers. Therefore, banks allow you to choose the size of the locker for your belongings, which is why the rent for different lockers may vary.
Safe Deposit Locker is a secure place to store your belongings. The entry/exit points of the strong room/area lockers are secured with CCTV cameras and are also guarded by security personnel for further security.
Be a nominee
Safe Deposit Locker gives you the option to add a nominee. In case of untimely death of the locker hirer due to some unfortunate incident, the nominated person can access the locker. Ultimately, valuables can only be claimed through legal heirs, as decided through the courts.
Have a bank account to open the locker
If you want to open a locker then you must have a savings account or current account in the bank. If you do not have an account, you can open one by requesting to open a safe deposit locker
