{"id":3484,"date":"2013-01-22T11:03:33","date_gmt":"2013-01-22T05:33:33","guid":{"rendered":"http:\/\/www.apnaplan.com\/?p=3484"},"modified":"2016-05-28T22:44:22","modified_gmt":"2016-05-28T17:14:22","slug":"renting-bank-lockers-charges-guidelines-and-alternatives","status":"publish","type":"post","link":"https:\/\/www.apnaplan.com\/renting-bank-lockers-charges-guidelines-and-alternatives\/","title":{"rendered":"Renting Bank Lockers: Charges, Guidelines and Alternatives"},"content":{"rendered":"

Bank lockers have always been considered a safe and preferred place to store\u00a0jewels, stock certificates, deeds and other valuables.\u00a0While most banks offer such a facility, the locker size, annual rent, deposit required, time period and provision for refund differs for various banks.<\/p>\n

As you can see in the table below Private Banks like HSBC charge almost double of public sector banks.<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Annual Rent (Rs.)<\/strong><\/td>\n<\/tr>\n
Banks<\/strong><\/td>\nSmall<\/strong><\/td>\nMedium<\/strong><\/td>\nLarge<\/strong><\/td>\n<\/tr>\n
State Bank of India<\/td>\n1,000<\/td>\n2,500<\/td>\n5,000<\/td>\n<\/tr>\n
Punjab National Bank<\/td>\n800<\/td>\n–<\/td>\n3,000<\/td>\n<\/tr>\n
Canara Bank<\/td>\n700<\/td>\n1,300<\/td>\n3,500<\/td>\n<\/tr>\n
Central Bank of India<\/td>\n1,000<\/td>\n3,000<\/td>\n5,000<\/td>\n<\/tr>\n
Union Bank of India<\/td>\n1,100<\/td>\n2,750<\/td>\n3,300<\/td>\n<\/tr>\n
Bank of Baroda<\/td>\n1,000<\/td>\n3,000<\/td>\n5,000<\/td>\n<\/tr>\n
Indian Bank<\/td>\n900<\/td>\n3,000<\/td>\n5,000<\/td>\n<\/tr>\n
ICICI Bank<\/td>\n1,263<\/td>\n–<\/td>\n5,388<\/td>\n<\/tr>\n
HDFC Bank<\/td>\n4,500<\/td>\n–<\/td>\n9,000<\/td>\n<\/tr>\n
Standard Charted Bank<\/td>\n2,245<\/td>\n–<\/td>\n15,435<\/td>\n<\/tr>\n
HSBC<\/td>\n2,750<\/td>\n10,000<\/td>\n27,000<\/td>\n<\/tr>\n
Citibank<\/td>\n2,500<\/td>\n20,000<\/td>\n40,000<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Bank Lockers: The ground realities –<\/h3>\n

It\u2019s hard to get lockers in metro and other big cities due to non-availability and high demand. Due to this banks are demanding much more than the above charges<\/p>\n

    \n
  • New customers need to either open account with Rs 1 lakh or make a deposit of Rs 5 lakh for<\/li>\n
  • Existing customer may also need Rs 1 lakh in savings account or a deposit of Rs 75,000<\/li>\n
  • High risk customers may have to pay up to Rs 1 lakh for insurance cover of the locker<\/li>\n
  • Existing customer may be preferred over a new one, NRI chosen over existing customer<\/li>\n<\/ul>\n

    Bank Lockers: The Guidelines?<\/h3>\n
      \n
    • RBI guidelines say banks cannot demand a deposit or insurance charges for a locker<\/li>\n
    • Banks should maintain applicants’ waitlist for lockers, give a waitlist number and ensure complete transparency in the allotment of lockers<\/li>\n
    • New customers (only new customers) can complain to the bank head office and RBI<\/li>\n
    • Redressal may be slow, warn industry experts<\/li>\n<\/ul>\n

      Private Company Vaults – Alternative to Bank Lockers:<\/h3>\n

      There are some private companies who also provide locker facilities in some cities. Some companies in this field are<\/p>\n

        \n
      1. India Safety Vaults (present in Mumbai and Pune) and<\/li>\n
      2. Navketan Lockers (Hyderabad and Mumbai)<\/li>\n<\/ol>\n

        According to an India Safety Vaults\u2019 executive, the company provides lockers in nine different sizes, A-type to L-type. You will be charged Rs 21,796 for three years for an A-type locker and Rs 59,000 a year for an L-type.<\/p>\n

        Navketan Lockers\u2019 charges for A to L-type can either be paid for one year, three years or five years. The annual charges for A-type lockers is Rs 6,545 inclusive of service tax and caution deposit, while for the L-type locker it would be Rs 29,467 inclusive of service tax and caution deposit<\/p>\n

        Why you might not prefer Private Company Lockers:<\/h3>\n
          \n
        1. The trust on Private company lockers is not as high as bank lockers<\/li>\n
        2. Private companies do not insure the lockers, which banks do<\/li>\n
        3. Private companies costs more than bank lockers<\/li>\n<\/ol>\n

          Let us know your experience in getting bank lockers and their overall service.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

          Bank lockers have always been considered a safe and preferred place to store\u00a0jewels, stock certificates, deeds and other valuables.\u00a0While most banks offer such a facility, the locker size, annual rent, deposit required, time period and provision for refund differs for various banks. As you can see in the table below Private Banks like HSBC charge […]<\/p>\n","protected":false},"author":1,"featured_media":4685,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_uag_custom_page_level_css":"","site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[3013,86],"tags":[1906,310,687,314,312,374,306,376,303,1900,335,1901,351,1902,307,1905,267,1903,268,1904,319],"uagb_featured_image_src":{"full":["https:\/\/www.apnaplan.com\/wp-content\/uploads\/2013\/01\/Bank-Lockers.png",536,310,false],"thumbnail":["https:\/\/www.apnaplan.com\/wp-content\/uploads\/2013\/01\/Bank-Lockers-150x150.png",150,150,true],"medium":["https:\/\/www.apnaplan.com\/wp-content\/uploads\/2013\/01\/Bank-Lockers-300x173.png",300,173,true],"medium_large":["https:\/\/www.apnaplan.com\/wp-content\/uploads\/2013\/01\/Bank-Lockers.png",536,310,false],"large":["https:\/\/www.apnaplan.com\/wp-content\/uploads\/2013\/01\/Bank-Lockers.png",536,310,false],"1536x1536":["https:\/\/www.apnaplan.com\/wp-content\/uploads\/2013\/01\/Bank-Lockers.png",536,310,false],"2048x2048":["https:\/\/www.apnaplan.com\/wp-content\/uploads\/2013\/01\/Bank-Lockers.png",536,310,false],"yarpp-thumbnail":["https:\/\/www.apnaplan.com\/wp-content\/uploads\/2013\/01\/Bank-Lockers.png",120,69,false]},"uagb_author_info":{"display_name":"Amit","author_link":"https:\/\/www.apnaplan.com\/author\/admin\/"},"uagb_comment_info":25,"uagb_excerpt":"Bank lockers have always been considered a safe and preferred place to store\u00a0jewels, stock certificates, deeds and other valuables.\u00a0While most banks offer such a facility, the locker size, annual rent, deposit required, time period and provision for refund differs for various banks. As you can see in the table below Private Banks like HSBC charge…","_links":{"self":[{"href":"https:\/\/www.apnaplan.com\/wp-json\/wp\/v2\/posts\/3484"}],"collection":[{"href":"https:\/\/www.apnaplan.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.apnaplan.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.apnaplan.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.apnaplan.com\/wp-json\/wp\/v2\/comments?post=3484"}],"version-history":[{"count":0,"href":"https:\/\/www.apnaplan.com\/wp-json\/wp\/v2\/posts\/3484\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.apnaplan.com\/wp-json\/wp\/v2\/media\/4685"}],"wp:attachment":[{"href":"https:\/\/www.apnaplan.com\/wp-json\/wp\/v2\/media?parent=3484"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.apnaplan.com\/wp-json\/wp\/v2\/categories?post=3484"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.apnaplan.com\/wp-json\/wp\/v2\/tags?post=3484"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}