Demand for bank lockers rise as citizens concerned over safety of ornaments

VAIBHAV PARWAT

Aurangabad, Oct 14:

The demand for bank lockers in the city is on the rise as it offers the least expensive option for safe keeping of documents, ornaments, precious metals and cash. As people purchase gold and jewellery during the festive season in large numbers, lockers have become an important necessity.

Citizens have increased purchase of gold and jewellery after the pandemic slowdown. Many people find it a risk to keep these valuables inside their homes. Hence, they are opting to hire lockers in nearby banks. However, most bank branches in the city are finding it difficult to expand their locker capacity despite a sudden spurt in demand. But finding a locker in the nearby banks has become a difficult task for many citizens.

Banks are generally asking customers to wait for a month to three months. Some banks are even asking people to open a new current or savings account and a demanding fixed deposit, starting from Rs 25,000 and even more, depending on the size of the locker. As the lockers provide safety to the jewellery, it is necessary to keep the locker operational for which customers have to visit the lockers at least once in a year.

Various types of lockers

Some banks offer 3-4 type lockers small, medium, large and extra-large, but a majority of them offer two types small and large. A locker can be hired by submitting KYC documents, current or savings account details and security deposit. There is an annual rent, anywhere in the range of Rs 1,100 to Rs 10,000 per annum. Customers can access the locker on all working days during banking hours, but there will be a fixed number of visits for every bank, mostly 12 visits annually, beyond which they will charge a levy per visit.

Banks can break open the lockers

If the customers do not operate their lockers for three continuous years, it becomes dormant. Similarly, customers do not visit their lockers even once in seven years, the banks can break open the lockers under the supervision of other officers. After returning the items in the locker to the concerned persons, the banks can rent out such a locker to other persons in such cases, said Vijay Kumar, bank manager State Bank of India.

Annual rent of lockers:

Lockers Rent

Small Rs 1100 to 2000

Medium Rs 2500 to 3000

Large Rs 4000 to 10,000