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Register for the bank’s locker wait list

Most people like to open a bank locker at a branch which is closer to their homes for easy accessibility. However, since there are only a limited number of lockers in a particular branch, it may not always be easily available. So if your nearest branch declines your request for a locker facility, what do you do?

Instead of giving up or approaching another bank or branch that is not conveniently located, you can get your name registered in the wait list for a locker in that particular branch, provided you are willing to wait for your turn. According to the Reserve Bank of India (RBI) regulations, banks are required to maintain a wait list for the allotment of lockers. In fact, according to the RBI regulation, every application received for allotment of a locker should be acknowledged by the bank and given a wait list number.

Lockers are provided by banks on a first-come-first-serve basis, so if someone gives up the facility and your name is there on the wait list, you would become eligible for it. Remember that you don’t necessarily need to have an account with the bank to apply for a locker facility.

Fees and charges

The relationship of a bank and a locker allottee is that of a landlord (lessor) and tenant (lessee). You need to pay a fee to the bank for availing the locker facility.

A bank may also ask you to open a fixed deposit with it against the locker facility. According to RBI regulations, banks are allowed to ask customers to open an FD of a value that is equivalent to three years of rent and charges for breaking open the locker in case of any eventuality. The bank will provide an acknowledgement of the FD to be kept as a security deposit. You can give the bank standing instructions to adjust the rent against the interest accrued in the FD.

Regular operation

You are required to operate your locker regularly or the bank can cancel the allotment and open the locker, irrespective of whether you have paid the rent or not. However, the bank will first send a notice.

Customers classified as having a medium-risk profile should operate the locker at least once in three years, while high-risk customers should operate it at least once a year. Banks classify its customers in different risk categories from low to high depending on various parameters such as financial or social status, nature of business activity and the location of customers.

Source: livemint