Bank Lockers . Are you an informed banking customer?


Folks,
sharing you my experience on how bank officials mislead us.

this Monday i had been to a bank to ask for a locker facility . it was Karnatak Bank , Bangalore .
I was introduced to the lady who was in-charge of maintaining lockers. she showed me lockers of different size.
i was OK with that and confirmed the locker size i need . i asked for the annual fees for that and she said 2850 INR per year

i was still OK with that since it was essential to avail that facility for me now for some obvious reasons

we talked about paperwork and i was about to leave when she said . there is a condition..

below is the conversation

she : Sir , to avail this you need to do one more thing

me : and..what would that be ?

she : Sir you need to keep 100,000 INR as fixed deposit

me : huh?? i don’t feel the necessity i have enough of funds under debt asset class. and why do you tell me do that ?

she: it’s a security deposit sir .

me : Thank you . I cannot afford it and I don’t feel the necessity too. I will make a move .Good Day

She: sir , please wait . if you can’t afford it , we have another option

Me:Β  Err!! what is it now madam

She : you should buy an insurance policy .. we have insurance adviser here you can talk to him

me : sorry , I’m adequately insured

she : sorry sir, we cannot give you locker facility then ..

me : so in that case I would say there is no rule like that . only rule i know isΒ  you can only take 3 times the annual fees as a security deposit .
meaning when u say its 2850 INR u can take 2850*3=8550 . This is RBI rules

i opened up the site in my mobile and showed her the rules.

“Banks may face situations where the locker-hirer neither operates the locker nor pays rent. To ensure prompt payment of locker rent, banks may at the time of allotment, obtain a Fixed Deposit which would cover 3 years rent and the charges for breaking open the locker in case of an eventuality. However, banks should not insist on such Fixed Deposit from the existing locker-hirers. “

https://www.rbi.org.in/Scripts/bs_viewcontent.aspx?Id=454

now she said , “sir I think lockers are full , may be next month i will check again and revert back to you .

now question is are you informed about this ? are you financially literate enough to tackle situations like this
or were you a victim of misselling products like this by any bank officials.
Please share your story .

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Author: theonlysup

Self Motivated. Optimistic , Resilient . Sometimes emotional, most of the Time Happy :)

22 thoughts on “Bank Lockers . Are you an informed banking customer?”

    1. Thank u so much. I will keep sharing on such experiences. Hope it helps in some way . let me know if u have faced any such situations in financial aspects ..

      1. Not yet, but whenever anything happens. I will surely follow your lead and spread it. The more the awareness, the more we can curb these practices.

  1. Indian banks are a sorry state of affair! I went to open an account under “Jandhanyojna” the girl at the counter said the scheme is off, I came back, checked internet and came to know that the “girls/boys at the counters” are saying it ever since the day our prime minister launched the bullshit program.

    it is really, really a sorry state of affair if banks have the audacity to lie and ignore RBI circulars which says that you can open a bank without any authorization papers, your own authorization is enough to open an account!

  2. coerced selling has been part of our economy for a long time. Its a result of closed economy when you has to wait for a long time to avail essential services.Even today many gas agencies force you to buy gas stove and tea packet with new connection. Although the scenario has changed quite a bit, but we still come across such incident. In every nationalized Bank, you will be forced with either opening a bank account, FD or some other product for availing locker which are not easily available, esp in old branches!

      1. true, we do have RTI and banking ombudsman. However, not just the ignorance, but given the fact that it takes long time to enforce things and it involves your precious time provides no respite. I can say for sure -after having seen the RTI proceedings, most of officials don’t care about RTI and usually prefer to give you vague answers, which is wastage of time.

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