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What is Safe Deposit Locker?

A safe deposit box or safety deposit box is an individually-secured container, usually held within a larger safe or bank vault. Safe deposit boxes are generally located in banks, pos offices or other institutions. Safe deposit boxes are used to secure valuable possessions, such as gemstones, precious metals,, marketable securities, or important documents such as wills property deeds, and birth certificates that need protection from theft,fire, flood,tampering or other reasons. In the typical arrangement, a renter pays the bank a fee for the use of the box, which can be opened only with production of an assigned key, the bank's own guard key, the proper si, and perhaps a code  of some sort.

Who can get it?

A locker can be assigned to any adult, firm or association, on a single or joint basis. All you need to do is fill out a simple locker application form and locker agreement, agreeing to abide by its terms and conditions, and pay the deposit and the rent.

Most banks insist on some kind of financial collateral. So, they give a locker only to their existing account holders, or to those who agree to open an account (savings or current) or make a fixed deposit that covers rentals for three years and charges for breaking open the locker in case of an eventuality.

What’s available

As with eligibility requirements, locker sizes vary across banks. Most banks offer basic options: small, medium and large. But it’s not necessary that the ‘small’ locker in one bank will be of the same size as the ‘small’ locker in other bank. So, when you compare, ask for dimensions in all options.

How much does it cost?

besides size, rentals depend on the city you are in; sometimes, even where the branch is located within a city. The rule of thumb is the more economically progressive a city or location, the higher the rental. So, for instance, rentals in New Delhi will be generally higher than in Pune. And within Delhi, a branch in the prime Connaught Place area will charge more than in a another area in Delhi.

How to choose?

While choosing a locker, your first consideration should be location, as you wouldn’t like to travel long distances with valuables. So, look at branches in your neighbourhood. If you are in a metro, even a tier-II city, you should have ample options.

Your next consideration should be ease of transaction. Having your locker in the same branch in which you hold an account means you can pack in a locker transaction with your other banking transactions. But, if your bank is charging more, shop around. Making a fixed deposit with another bank — the precondition for a locker if you don’t have an account with it — is not a big ask. It’s worth it if it ensures safety of earnings at a lower cost.