Did you know these details about safe deposit lockers?

Remember those old Bollywood movies in which someone would hide valuable possessions, such as jewellery, cash, or important documents, inside a hollow book or under a broken floor tile? As dramatic as it may sound, storing rare and expensive objects in a home can be challenging but is essential in many cases. Thankfully, you no longer have to go through the hassles of finding innocent-looking hiding spots in your home anymore. Instead, you can choose a safe deposit locker at your nearest bank branch to keep all your valuables safe. 

Let's find out more about the safe deposit locker and understand some of its features.

What is a safe deposit locker?

A safe deposit locker is a rented locker that a bank offers you to store your valuables. This could be jewellery, gemstones, financial or legal papers, insurance policies, identity proof, such as a passport, and other similar items of high value. You can rent a locker for as long as you want for a certain fee. The key to the locker remains with you, and you can access your items whenever you need them after informing the bank. 

Important things you need to know about safe deposit lockers

Read on to learn about some interesting features of safe deposit lockers:

1. Operate your locker once a year

Most banks require you to access your locker at least once a year. If you cannot do so, the bank will most likely give you a notification. Contrarily, banks are permitted to break them open following the processes outlined in the locker agreement. However, before banks take such action, they will provide adequate notice to locker hirers when their lockers become inactive. A locker hirer should simply use the locker regularly or at least once a year to prevent such scenarios.

2. Bank lockers are very safe

A safe deposit locker is a safe place to store your belongings. The entry/exit points of the strong room/area housing the lockers is protected with CCTV, besides being guarded by the security personnel for further safety.

3. You can choose the locker size as per your preference

Different people can have different requirements. Jewellery may take more space than papers. So, banks allow you to select the locker size for your items, which is why the rent for different lockers may differ. For instance, the rent for IDFC FIRST Bank ‘s large-sized lockers is between Rs. 11,000 – Rs. 12,000 per annum depending on the branch location.  A medium-sized locker is offered for Rs 6,000, while for a small locker it is about Rs 3,000. Additionally, GST as applicable is levied on the rent.

4. It is recommended safe deposit lockers have nominees

A safe deposit locker allows you the option to add a nominee. In the case of an unfortunate event leading to the locker hirer's premature demise, the nominee can access the locker. After all, valuables can only be claimed by legal heirs as decided by the courts. This ensures you can financially secure your loved ones in your absence by allowing them to access valuable possessions.

5. You need to have an account with the bank to open a locker

You must have a Savings Account or Current account with the Bank if you want to open a locker. If you don’t have one, you can open a Savings or Current account with IDFC FIRST Bank while placing a request to open a Safe Deposit Locker. In exceptional cases, the Bank shall allow you to book an FD with a reinvestment option until the time the customer holds the locker in the bank. The FD amount will be equivalent to the locker rent of three years (inclusive of applicable taxes) + break open charges as per the regulation.

You can contact your nearest IDFC FIRST Bank branch or call our toll-free number to know more.

Conclusion

A safe deposit locker is a convenient way of storing valuable items. You can open one at any locker branch close to your home or office, operate it as and when you please, and above all, keep your possessions secure at an affordable cost. This can be a great way to ensure the safety of your keepsakes and preserve your financial assets for the future.

Disclaimer

The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.