We all are aware of the fact that it is difficult to get a locker from the Bank. Banks prefer to allot lockers to their HNI and SHNI customers as it helps them generate business.
Banks usually prefer allotting lockers to customers who are willing to purchase Insurance policies such as Health Insurance, ULIP etc. By bundling products with lockers, banks can fulfill their targets for selling their products. However, one should keep in mind that bundling of products is illegal as per regulatory bodies such as SEBI and RBI has cautioned banks to refrain from such malpractices.
Most of the newly opened bank branches have locker facility as banks are aware of the growing demand for lockers. As the availability of lockers is limited, banks take undue advantage of its customers.
Also, locker rents are increasing day-by-day and private banks charge more than public or scheduled co-operative banks. One should consider the rents prior to applying for bank lockers.
How to get a Locker from a Private Bank?
If you want to hire a locker from a private bank, you need to showcase that you are a wealthier customer and deal in investments, Foreign transactions etc. Banks love such customers and provide lockers to them on priority. Try to focus on Investments and foreign transactions and showcase yourself as a potential HNI customer to bank officials. Always try to showcase that locker is not your primary requirement but Foreign transactions, Investments in mutual funds, shares etc is something you are looking for. Try to inform the bank officials that quality service is all that you require from that respective bank and it would be better if they could provide you a locker so that you can manage all of your banking needs with one bank.
These tricks may work in private banks as they need to fulfill their targets. Also, these banks love to have HNI customers more than middle-class customers as banks can generate good business from them.
How to get a Locker from a PSB?
Trust me, getting a locker from a Public sector banks is a lot easier now-days. Thanks to tools like RTI and online locker availability status on PSB’s website. All you need is a printout of locker request form with request no mentioned on it. This is something which is stored in bank records and hence bank officials simply cannot ignore it. Its a valid proof of availability of lockers and a written application to hire one. Remember, writing your names in Bank’s waiting list is just a foolish exercise and would result in nothing but waste of time and efforts. Banks are not bound legally to allot lockers as per waiting list maintained in their respective registers. These are guidelines issued by RBI but unfortunately banks do not follow them.
Also, these days banks ask for security deposits for allotting lockers as they may face hurdles sometimes in rare cases to collect locker charges. However, the amount should not be more than a sum of 3 years locker rent depending on the size of the locker and breaking charges of locker in case of any eventuality. But it is not mandatory to have security deposit with bank for hiring locker.
Which Banks are safer to hire lockers?
All banks are good be it a public or a private bank. They all are bound to follow strict norms laid down by RBI from time-to-time. However, always consider the locker rent, distance to travel from your home to the bank, locker operating hours and no of free visits to access your locker.
Private banks charge more rent than PSBs generally and one should try to save on rents as much as possible. As far as security is concerned, be rest assured that all banks have to follow strict norms laid down by RBI and higher rents does not mean best security in place.
You may also consider some of the reputed multi-state scheduled co-operative banks as their locker rents are cheaper than PSBs.
Hiring a bank locker is becoming tougher day-by-day and you can only grab it easily if and only if you can play smartly with the mentality of Bank officials.