Are Bank Lockers Safe and is Fixed Deposit is required to get one for it?

Stumania, Bank, Locker

Today we are going to talk about “Bank Lockers” and how banks use unfair tactics by forcing customers to open a fixed deposit for a very large amount and that too for a long duration. It’s not uncommon to hear bank officials asking for fixed deposits of Rs 5-10 lacs in case you want to get a locker. That is just not allowed as per RBI and we will see what exactly the RBI guidelines say about it.

What is a Bank Locker and How does it work?

Just like we have a saving bank account and fixed deposits to keep our money safely, we have “Safe Bank Lockers” to store our physical belongings like jewelry and various kind of important documents like WILL, Property Papers, and other valuable items which you feel should not be kept at home.

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