Latest Indian Bank Locker Charges 2020

Indian Bank was established in the year 1907, 15th August as a part of the Swadeshi movement. It is state-owned financial services at that time which is having headquarter in Chennai, India.

After 71 years of establishment, the Government of India owned the bank in 1978. Indian bank has 20,924 employees, 2900 branches with 2861 ATMs on the current day. On 1st April 2020, Allahabad Bank merged with an Indian bank, and now Indian bank is the 7th largest bank of India.

In this article, we will be describing the locker system of Indian banks.

Eligibility, process, and terms & condition of opening a locker :

For opening a bank locker, you have to visit the nearest branch of the bank and fill the formalities. The very first thing required is you must have a current account or saving account in the bank.

If you don’t have then the panel of the sincere employee of the Indian bank will help you to make an account. Then the passport size photograph of the applicant will be required. Identity cards along with Aadhar number and PAN number need to be submitted then.

A customer can hold the locker in single or joint names. Disabled people are also eligible for opening a locker. A bank locker can also be opened by a limited company. In fact, a trust, Club, Society, or any association can open a bank locker.

Whereas a minor cannot apply for a bank locker. A minor can be a nominee of account only if the parent of minor or any other trusted person is ready to take the money on behalf of the child.

An individual can appoint a person who can operate the locker except for the owner and will be known as the Authorized person. The Authorized Person is not allowed to use the locker after the locker holder dies. Authorization in favour of a blind person, a minor is not permitted.

The bank will not allow the continuation in the operation of a locker in case the account holder comes bank drunk or is found to have inappropriate behavior. The bank locker may also get terminated if the rent of the locker is in arrears.

Charges of Indian Bank locker 2020:

The locker rate of banks will vary from one bank to another. The locker is generally classified into three categories according to the size as small, medium, and large. As the size increases, the rate will also increase.

The size of the small locker is around 4.5 x 5.875 x 20.75 ( in inches ), and the large one is 15.5 x 19.9375 x 20.875 ( in inches ). In Indian Bank the rate of the small locker is Rs. 900 P.A, the medium one is Rs. 3000 P.A and the large one is Rs. 5000 P.A.

 ServiceCharges
Locker ChargesRs 800 to Rs 5000 (Check Full list)
Case of Overdue Rent1st Quarter – 10% of the Rent
2nd Quarter – 20% of the Rent
3rd Quarter Onwards – 25% of the Rent
Lost Key ChargesRs 500 plus service tax
No of operations24 operations free per year

Beyond that Rs. 100 + Service tax per Visit

To continue the locker service, you must have to visit the bank locker at least once a year. Failing to do so, the punishment depends on which category of risk customers you belong to.

Customers with the low-risk group will be given more time. In contrast, medium and high-risk category users will be given notice, and their locker will continue only if they can provide a valid reason for absence.

I hope this article is helpful enough for you to understand the locker charges of Indian Bank.

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