Is FD required for locker?

According to the circular, public sector banks (there were no private banks back then) cannot insist on a fixed deposit as a prerequisite for allotting lockers. Banks, however, were permitted to seek a deposit but not as a condition for allotment and use the interest to cover the annual rent.

Which bank has lowest locker?

State Bank of India (SBI)
1. In State Bank of India (SBI), charges for the smallest locker amount to ₹ 1,100 in a metro city.

What is the deposit amount for locker in SBI?

SBI also imposes a one-time locker registration charge of ₹500 plus GST for small and medium lockers while for large and extra large lockers, you have to pay ₹1,000 plus GST.

What is lockers rent?

provide locker facility to their members to safe keep there valuable stuff and cloths. for providing such a facility they charge a sum of money is known as Locker rent. Therefore it is revenue income for not profit organisation and it appears to Credit side of Income and Expenditure Account.

Is bank account necessary for locker?

To avail the facility, you need not have an account with the bank. RBI regulations allow banks to ask depositors to open a fixed deposit equivalent to the rent of three years and charges to break open the locker in case of any eventuality.

How much does SBI locker cost per year?

You will have to pay a registration fee of Rs 500 plus GST for small and medium lockers. However, you need to pay a registration fee of Rs 1,000 plus GST for the large and extra-large lockers.

What if I lose my locker key?

If you happen to misplace or have lost the bank locker keys, the first thing that you should do is intimate the branch manager. The bank would then take the initiative to ensure a duplicate key or to break open the locker. A locksmith would have to be called for the purpose and your presence would have to be there.

Is locker rent taxable?

Interest on Locker Fixed Deposits This fixed deposit is linked to the locker. It is to be noted that this interest is taxable even if it is being used to pay the locker rent.

Can bank open my locker?

The recently revised Reserve Bank India (RBI) guidelines regarding safe deposit lockers allow the banks to break open a locker if it remains inoperative for a longer period of time even if rent is being paid regularly.

What is the minimum security deposit required to rent a locker?

A minimum security deposit as FDR for the amount equivalent to 3 years of rent and charges for breaking open the locker in any case of eventuality will have to be deposited. A copy of the agreement called the Memorandum of Letting will be provided to the hirer of the locker by the bank

What is the procedure to hire a locker in a bank?

At the time of hiring the locker, bank will obtain a minimum-security deposit in the form of FDR from the lessee for the amount which would cover 3 years rent and the charges for breaking open the locker in case of such eventualities. An acknowledgement will be issued by the bank for fixed deposit to be kept as security deposit.

How the banks use to calculate the locker caution deposit?

Usually How the banks use to calculate the Caution Deposit is 5 years of Annual Locker Rent + Break Open Charges (Depends on Bank’s Policy). Only this 2 components fall under the Locker Caution Deposit. 2. Break Open charges is implemented when the customer Loses the Key. Legal procedure to be followed.

How safe is a safe deposit locker with a bank?

Having a safe deposit locker with a bank is considered to be one of the safest places to keep your prized possessions such as jewels, share certificates, important documents and other valuables. Most of the banks today offer locker facility.