IDBI stands for Industrial Development Bank of India which is a private sector bank recognized by the Reserve Bank of India on January 21, 2019. Before this IDBI bank was a public sector bank but because of its regulatory purposes, it was categorized as a Private sector bank in 2019. The ownership of the Bank is with the Life Insurance Corporation of India which is a government organization. The headquarters of the bank is in Mumbai, India.
The services of IDBI bank are satisfied by their customers and existing users. You need a minimum balance of INR 1,000 to maintain monthly to start your account with IDBI. Apart from excellent banking services and exclusive offers to account holders, IDBI also gives locker services to their bank account holders at nominal charges. Let’s have a look.
Locker Charges in IDBI Bank
IDBI bank has a total of 13 different categories of lockers which are different in size and the charges are divided into three different branch categories.
The very first locker is of category A whose dimensions are 5×6×19. For bank branch category A the account holder will have to pay INR 2200; for bank branch category B the account holder will have to pay INR 100; and for bank branch category C, the account holder will have to pay INR 700.
The list goes up to category K, which is the last category of the locker. The dimension of the category k locker will be 16×21×19. For bank branch category A the account holder will have to pay INR 13000; for bank branch category B the account holder will have to pay INR9500; and for bank branch category C, the account holder will have to pay INR 7500.
Below is the table with details of all category lockers given by IDBI bank
|Locker Rent Charges|
Branch Category A
|Locker Rent Charges|
Branch Category B
|Locker rent Charges|
Branch Category C
|Small (A)||5 x 6 x 19||Rs. 2200||Rs. 1100||Rs. 700|
|Small (B)||6 x 8 x 19||Rs. 2200||Rs. 1200||Rs. 800|
|Medium (C)||5 x 14 x 19||Rs. 4800||Rs. 2200||RS. 1200|
|Medium (D)||7 x 10 x 19||Rs. 4800||Rs. 2200||Rs. 1200|
|Medium (E)||6 x 16 x 19||Rs. 4800||Rs. 2400||Rs. 1300|
|Medium (EX)||12 x 8.5 x 19||Rs. 4800||Rs. 2400||Rs. 1300|
|Large (F)||11 x 14 x 19||Rs. 9500||Rs. 5400||Rs. 3200|
|Large (G)||7 x 21 x 19||Rs. 9500||RS. 5400||Rs. 3200|
|Large (GX))||16 x 12 x 19||Rs. 9500||Rs. 6400||Rs. 5200|
|Large (GY)||12 x 16 x 19||Rs. 9500||Rs. 6400||Rs. 5200|
|Extra Large (H)||12 x 21 x 19||Rs. 13000||Rs. 8500||Rs. 6500|
|Extra Large (HX)||15 x 20 x 19||Rs. 13000||Rs. 9500||Rs. 7500|
|Extra Large (K)||16 x 21 x 19||Rs. 13000||Rs. 9500||Rs. 7500|
Locker overdue charges
|1st Quarter||10% of annual rent|
|2nd Quarter||20% of annual rent|
|3rd Quarter||30% of annual rent|
|1 Year||40% of annual rent|
|Administrative Charges||A- Rs. 555 B- Rs. 280 C- Rs. 280|
|Locker Visit Charges||12 visits Free per Year; thereafter Rs. 100 per visit|
|Replacement of Locker Key||Rs. 500/- + Actual Expenses|
|Change in Locker Operational|
|1st Occasion – Free of charge|
For every subsequent change – Rs. 100/-
Benefits Of Having A Locker
Recently, RBI has done some amendments to the policy of having a bank locker which gives direct benefits to locker holders. If you already have a bank locker in IDBI bank or looking to have a bank locker in IDBI bank, then you should know about the amendments made by the Reserve Bank of India.
- Banks offer 3 layers of security when you opt for a locker facility with it to keep your belongings safe. However, you keep your belongings like precious jewellery, diamonds, and important paper at your own risk and the bank is not liable for any misplacing.
- Some banks however offer 100 times more compensation to their customers in case of theft, bank fraud, fire, etc.
These two are the main benefits that people prefer keeping their important papers and precious jewels in a bank locker instead of at home.
How To Apply For A Bank Locker?
If you have any precious things like gold jewellery, diamonds, important papers, or anything precious which is not safe at your home. Then for precious things like that every bank has a locker system in it and according to your need, you can rent a locker in your bank.
The charges you pay for the locker depend on the size of the locker you want. If you have made up your mind regarding having a bank locker in IDBI then you need the following documents.
- You need documents like your Aadhaar card, PAN card, and Electricity bill receipt.
- Take these documents to your nearest branch of IDBI bank and apply for a locker
- According to RBI policy, one doesn’t need to have a bank account in the bank to get a locker. However, banks ask you to open a bank account (if you don’t already have one) to get locker charges on time.
- If you already have a bank account in IDBI, all you need is to fill out the bank locker application form and submit KYC.
- Sign a bank locker agreement and pay the locker charges fee and then you have your locker.
IDBI bank is a trusted bank that is recognized by RBI, it was before a public bank but now is a private bank. Having a locker in a private bank with a variety of different options is a good choice for customers.
Individuals can choose one bank locker from any option as 13 in total. All in all, it is a great opportunity for customers to have a locker in IDBI that offers you security with its great customer service.