Four Questions to ask before availing Bank Lockers

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Four Questions to Ask Before Availing Bank Locker
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How do bank lockers work?
Similar to bank accounts that offer safe
repository to cash, bank lockers are the best
option to safeguard your valuables.
Individually Or
Jointly
Individuals Key
Two Keys for Every Locker
Banks Key
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What is the Cost?

• Cost of the locker will vary as per the bank,
  size of the locker, and the facility.
• Private banks charge more than public sector
  banks
• There are separate charges for all extra visits
  made to the locker.

Private Bank
Public Bank
4
How safe is the Lockers?

• As per RBI, banks are not responsible or liable
  for the content kept in locker.
• However, RBI mandates banks to have best-in-class
  infrastructure and security for lockers.

5
Do you require a Bank Account?

• RBI says that banks cannot deny locker facility
  to non-existing bank customers.
• Some banks make in mandatory to open a savings
  account to open a locker.
• Bank can ask for caution deposit for up to three
  years of the rent to be paid towards lockers.

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Thank You